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Slovenia Steps Up Efforts to Prevent Terrorism Financing

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In its latest ratings, the Financial Action Task Force (FATF) has recognized Slovenia’s progress in implementing measures to prevent terrorism financing.

Risk Assessment and Risk-Based Approach

Slovenia received a rating of “partially compliant” for its efforts to assess risk and apply a risk-based approach. This reflects the country’s ability to identify high-risk transactions and individuals.

National Cooperation and Coordination

The country has also demonstrated improvement in its national cooperation and coordination, with a rating of “largely compliant”.

Laws and Regulations

The FATF report highlights Slovenia’s success in:

• Criminalizing money laundering and terrorist financing
• Confiscating assets related to these crimes
• Strengthening laws and regulations related to:
  • Financial institutions
  • Customer due diligence
  • Record-keeping

Areas for Improvement

However, the report notes that Slovenia still needs to improve its efforts in certain areas, including:

• Lack of transparency and beneficial ownership of legal persons and arrangements (rating: “non-compliant”)
• Laws and regulations related to:
  • Correspondent banking
  • Wire transfers (require further strengthening)

International Cooperation

The FATF report also emphasizes the importance of international cooperation in combating terrorism financing. Slovenia has made significant progress in this area, with a rating of “largely compliant” for its:

• Mutual legal assistance agreements
• Extradition agreements

Conclusion

While Slovenia still faces challenges in preventing terrorism financing, the country’s efforts to strengthen its laws and regulations, as well as its commitment to international cooperation, are commendable. The FATF report provides a roadmap for further improvement, and Slovenia is expected to continue making progress in this critical area.