Slovenia Enacts New Laws to Prevent Terrorism Financing and Money Laundering
Ljubljana - The Slovenian government has introduced a raft of new measures to prevent terrorism financing and money laundering, with the publication of the New Prevention of Money Laundering and Terrorist Financing Act (ZPPDFT-2) in the Official Gazette of the Republic of Slovenia.
Key Innovations
The new law brings significant innovations to Slovenia’s anti-money laundering and counter-terrorism financing regime, including:
- New definitions for transmission and implementation of international directives
- Harmonization of categories of taxpayers providing cryptocurrencies
- Comprehensive process for legal obligations
- Eased requirements for video electronic identification and dissemination options
- Clearer provisions on data extraction
- Elimination of requirements for taxpayers with politically exposed persons as legal representatives
Strengthened Protections
The law also introduces responsibilities for the Office of the Republic of Slovenia for Money Laundering Prevention, including:
- Appointing an authorized representative and one or more deputies
- Access to Europol financial information and analysis
- Regulating possibilities of access to financial data, purpose of use, and cooperation with Europol
Compliance with International Standards
The new law aims to strengthen Slovenia’s efforts to combat money laundering and terrorism financing, and to ensure the country’s compliance with international standards. It enters into force on April 5, 2022, following its publication in the Official Gazette.
Expert Insights
Experts are available to provide further information on the new laws and their implications for businesses and individuals operating in Slovenia. If you have any questions or concerns about the new laws, please don’t hesitate to reach out.