Financial Crime World

Slovenia Makes Progress in Combatting Money Laundering and Terrorist Financing

The Slovenian government has made significant strides in addressing shortcomings in its anti-money laundering (AML) and combating the financing of terrorism (CFT) regime, according to a new report.

Improvements in Supervision

The country’s Financial Intelligence Unit (OMLP) has taken steps to improve its supervision of accountants and other designated non-financial businesses and professions (DNFBPs), including:

  • Conducting on-site inspections
  • Off-site questionnaires
  • Introducing measures to prohibit convicted individuals from holding significant or controlling interests in obliged entities

Remaining Shortcomings

However, some minor shortcomings remain, including:

  • Lack of measures to prevent criminals or their associates from being accredited, holding, or being the beneficial owner of a significant or controlling interest of a trust and company service provider (TCSP)
  • The OMLP does not have written procedures for risk-based supervision of other DNFBPs

Recognition by FATF

Despite these remaining issues, Slovenia’s progress has been recognized by the Financial Action Task Force (FATF), which has re-rated the country’s overall compliance with AML/CFT standards from “partially compliant” to “largely compliant”.

The FATF also commended Slovenia for its efforts in implementing new requirements for virtual assets and virtual asset service providers, including introducing a regime that covers some of the activities defined by the FATF.

Commitment to Improvement

“Slovenia has made significant progress in addressing its AML/CFT deficiencies,” said [name], Head of the OMLP. “We are committed to continuing our efforts to improve our regime and ensure that it is effective in preventing money laundering and terrorist financing.”

International Recognition

The report highlights Slovenia’s ongoing commitment to improving its AML/CFT regime, which has been recognized by the international community as a key step towards ensuring financial stability and security.

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