Financial Crime World

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Slovenia Makes Progress in Fighting Money Laundering and Terrorist Financing

In its latest assessment, the APMLTF has found that Slovenia has made significant progress in addressing deficiencies in its fight against money laundering and terrorist financing.

Significant Progress

  • A comprehensive legal definition for terrorists and terrorist financing has been established
  • A risk analysis is now required for money laundering and terrorist financing

Areas Requiring Improvement

  • Non-banking financial sectors, such as insurance companies, need to develop a more comprehensive preventive regime
  • Banks have a good understanding of the FATF standards, but other sectors require improvement
  • Estate agents and lawyers were found to be lacking in AML/CT awareness
  • Accountants and tax advisory services did not have an authority to perform inspections

Supervisory and Regulatory Structure

  • The supervisory and regulatory structure on AML/CFT issues is broadly in place
  • Understanding of money laundering and terrorist financing risks needs to be improved
  • The Bar Association was found to lack legal competence to perform AML/CT supervision
  • Certain sectors, such as dealers in precious metals and stones, trust and company service providers, accountants and tax advisory services, do not have an authority to perform inspections

Resources Devoted to Investigation and Prosecution

  • Concerns were expressed about the level of resources devoted to the investigation and prosecution of money laundering and terrorist financing offences
  • Limited resources are also devoted to non-banking sectors

International Cooperation

  • Slovenia has made progress in implementing UNSCR 1267 and 1373
  • The country’s authorities have established various mechanisms supporting inter-agency and multi-disciplinary cooperation and coordination

Conclusion

While there is still work to be done, the assessment highlights Slovenia’s efforts to strengthen its AML/CFT framework and improve its ability to combat money laundering and terrorist financing.