Slovenia Boosts Anti-Money Laundering Efforts, Eases Concerns with Improved Ratings from MONEYVAL
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Slovenia’s financial sector has received a welcome boost as international anti-money laundering watchdog MONEYVAL has revised its assessment of the country’s efforts to combat money laundering and terrorist financing. After a thorough review, MONEYVAL has upgraded Slovenia’s rating on one key recommendation, citing significant progress made in strengthening its framework.
A Long Way Since June 2017
The re-evaluation comes after MONEYVAL’s mutual evaluation report in June 2017 identified areas where Slovenia needed to improve its anti-money laundering and counter-terrorist financing (AML/CFT) measures. Since then, the country has been undergoing an enhanced follow-up process to address these concerns.
Scrutiny and Analysis
Slovenia’s progress has been scrutinized by MONEYVAL, which has analyzed the country’s efforts to tackle technical compliance deficiencies and implement new measures to meet updated international standards. The review also took into account changes made since the 2017 mutual evaluation report.
Notable Development: Wire Transfers
The most notable development is MONEYVAL’s decision to upgrade Slovenia’s rating on Recommendation 16, related to wire transfers, from “partially compliant” to “compliant”. This reflects significant improvements in the country’s AML/CFT framework. Ratings for other recommendations, however, remain unchanged, with Slovenia still considered “largely compliant” or “compliant” on certain measures.
Enhanced Follow-Up Reporting Requirements
Despite this progress, MONEYVAL has decided that Slovenia will continue to be subject to enhanced follow-up reporting requirements, with a new report due in December 2019. This demonstrates the organization’s commitment to ensuring continued improvement and adherence to international standards.
Key Takeaways
- MONEYVAL has upgraded Slovenia’s rating on Recommendation 16 related to wire transfers from “partially compliant” to “compliant”.
- Slovenia still needs to improve its AML/CFT measures in certain areas.
- The country will continue to be subject to enhanced follow-up reporting requirements.