Financial Crime World

Title: Slovenia’s Anti-Money Laundering Fight: MONEYVAL Report Highlights Key Findings and Recommendations

In the global fight against financial crime, the European nation of Slovenia has undergone rigorous evaluation by the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL). The organization’s latest report on Slovenia sheds light on the country’s progress, areas for improvement, and recommendations to bolster its anti-money laundering (AML) and counter-terrorist financing (CTF) capabilities.

Slovenia’s Evaluation by MONEYVAL

MONEYVAL’s Fifth Round Mutual Evaluation Report, published in June 2017, provides a comprehensive judgment of Slovenia’s efforts to implement and enforce AML/CTF measures. The report covers ML/FT risks and context, national policies, legal system, operational issues, and preventive measures.

Progress Made by Slovenia

  • First National Risk Assessment (NRA) in 2015
  • Updated NRA and Action Plan in 2016
  • Establishment of specialized prosecutor’s offices, police divisions, and the Commission for the Prevention of Corruption

Key Findings and Recommendations in the MONEYVAL Report

Key Findings

  1. Improved understanding of ML/FT risks
  2. Challenges in coordinating and implementing policies
  3. Effectiveness of financial intelligence usage
  4. Challenges in investigations, convictions, and confiscation
  5. International cooperation

Recommendations

  1. Risk-based approach
  2. National cooperation and coordination
  3. Clear definition and offense of money laundering
  4. Improved transparency and beneficial ownership
  5. Strategy for using new supervisory powers
  6. Implementation of terrorist-related financial sanctions

MONEYVAL Report’s Findings and Recommendations in Detail

ML/FT Risks and Understanding

  • Progress made in identifying, assessing, and understanding ML risks
  • Limited understanding of FT risks
  • Mixed understanding of ML risks in competent authorities and private sector

Coordination and Policy-Making

  • Several platforms and mechanisms but not efficiently used
  • Difficulties in implementing policies on a risk-sensitive basis

Financial Intelligence

  • Effectiveness of financial intelligence usage influenced by contextual, legal, and jurisprudential factors

Investigations, Convictions, and Confiscation

  • Securing ML convictions, particularly third-party ML
  • Challenges in prosecuting ML cases
  • Concerns regarding human rights considerations under the civil confiscation regime

International Cooperation

  • Successful cases of international cooperation
  • Challenges in receiving information from neighboring countries

By adhering to the MONEYVAL report’s recommendations, Slovenia can further strengthen its efforts against financial crime and contribute to the global fight against money laundering and terrorist financing.