Financial Crime World

Slovenia’s Laws on Terrorist Financing Leave Gaps, Experts Warn

Ljubljana, Slovenia - A Recent Assessment Reveals Shortcomings in Criminal Code

A recent assessment by the Council of Europe’s Moneyval committee has highlighted that Slovenia’s criminal code does not fully cover all offenses listed in the International Convention for the Suppression of the Financing of Terrorism (TF Convention). This revelation raises concerns about potential abuse and impunity for terrorist financiers.

Gaps in Criminal Code Leave Room for Abuse

According to the report, Slovenia’s Criminal Code (CC) lacks some key provisions required under the TF Convention, including:

  • The offense of financing a terrorist organization or individual
  • Provisions that cover all forms of terrorist financing, including fundraising and money laundering

These gaps leave room for potential abuse and allow terrorist financiers to operate with impunity. It is essential that Slovenia addresses these deficiencies to prevent exploitation and maintain its good standing with the international community.

Progress Made, But More Work Needed

While Slovenia has made significant progress in strengthening its anti-money laundering and combating the financing of terrorism (AML/CFT) measures, there are still some deficiencies that need to be addressed. The assessment highlights:

  • Deficiencies in reporting suspicious transactions
  • Limited cooperation with other countries in sharing information on terrorist financiers
  • Lack of adequate resources for AML/CFT enforcement

Swift Action Needed to Address Gaps and Maintain International Standing

Slovenian authorities have promised to take swift action to address the identified gaps and bring their laws into line with international standards. They have also committed to:

  • Strengthening AML/CFT measures
  • Improving cooperation with other countries to combat terrorist financing
  • Providing adequate resources for enforcement and monitoring

Failure to do so could result in sanctions or other measures being taken against Slovenia.

The Assessment Report is Available Online

The assessment was conducted as part of Moneyval’s ongoing monitoring of Slovenia’s progress in implementing its anti-money laundering and combating the financing of terrorism measures. The report is available on the Council of Europe’s website for further reading.