Financial Crime World

Slovenia’s Efforts Against Money Laundering and Terrorism Financing Receive Positive Evaluation

The Republic of Slovenia has received a positive evaluation from MONEYVAL, the Council of Europe’s anti-money laundering and counter-terrorism financing (AML/CFT) monitoring body, following its fifth round of evaluation in 2016.

Significant Progress in Implementing Effective Measures

According to the report adopted at the 53rd plenary session of MONEYVAL in May 2017, Slovenia has made significant progress in implementing effective measures to prevent money laundering and terrorist financing. The evaluation was conducted based on the standards set by the Financial Action Task Force (FATF) for the prevention of money laundering and terrorist financing.

Strengthening AML/CFT Regime

The report praised Slovenia’s efforts in strengthening its AML/CFT regime, including:

  • Establishment of a national risk assessment
  • Implementation of measures to identify and assess risks related to money laundering and terrorist financing
  • Cooperation with international partners
  • Participation in the Egmont Group, an international organization dedicated to combating money laundering and terrorist financing

Office for Money Laundering Prevention (OMLP)

The OMLP plays a crucial role in implementing AML/CFT measures, including:

  • Exchange of data with other countries through the Egmont Secure Web network
  • Signing bilateral memorandums of understanding on data exchange with 50 offices from around the world

Regular National Risk Assessments

Slovenia is committed to conducting regular national risk assessments, as required by the FATF’s first recommendation. The country must carry out a national risk assessment for money laundering and terrorist financing every four years, and update it as necessary.

Importance of Obliged Persons

The report highlighted the importance of obliged persons, such as:

  • Financial institutions
  • Non-financial businesses

These entities are required to:

  • Conduct customer due diligence
  • Establish policies and procedures to mitigate risks
  • Report suspicious transactions to the OMLP

Conclusion

Overall, Slovenia’s efforts have been recognized by MONEYVAL as a significant step forward in its fight against money laundering and terrorist financing. The country’s continued commitment to implementing effective AML/CFT measures is essential for maintaining the integrity of its financial system and preventing the misuse of funds for illegal activities.