Slovakia Makes Strides in Anti-Money Laundering Regulations: MONEYVAL Report
The European monitoring body, MONEYVAL, has commended Slovakia for significant improvements in its anti-money laundering (AML) and terrorist financing (CFT) regulations. In its latest report, MONEYVAL upgraded Slovakia’s rating from Partially Compliant to Largely Compliant regarding the Financial Action Task Force’s (FATF) Recommendation 26 on financial institution regulation.
Key Improvements
Since November 2022, the Slovak authorities have taken decisive steps to prevent criminals’ associates from holding significant or controlling interests or management roles in Slovak banks and insurance undertakings. Additionally, risk assessment procedures have been adopted for exchange offices and non-banking lenders, and policies were improved to review individual risk profiles for financial institutions. These actions were taken following the identification of technical compliance shortcomings in a 2020 Mutual Evaluation Report.
Progress and Remaining Tasks
Slovakia has made considerable progress addressing the majority of the 40 recommendations presented in the 2020 report. Currently, the country now has:
- 5 Compliant recommendations
- 23 Largely Compliant recommendations
- 12 Partially Compliant recommendations
Authorities are obligated to update MONEYVAL on further advancements regarding the AML/CFT system by December 2024.
About MONEYVAL
The Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) continually assesses countries’ adherence to international standards in combating money laundering, terrorist financing, and proliferation financing. MONEYVAL currently assesses 33 states and territories and offers recommendations to national authorities regarding improvements to their AML/CFT systems and counter-proliferation financing.
For more information, contact:
- Jaime Rodriguez, Spokesperson/Media officer: +33 3 90 21 47 04
- Council of Europe, Media Assistance Unit: +33 (0)3 88 41 25 60, email protected, www.coe.int
Source and Date
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Source: MONEYVAL and the Slovak Republic Date: 13 March 2024