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Slovenia’s Efforts to Combat Terrorism Financing Pay Off, Says Council of Europe

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The Council of Europe’s anti-money laundering body, MONEYVAL, has praised Slovenia for its improved measures in tackling terrorist financing, concluding that the country has significantly strengthened its compliance with international standards.

Significant Progress Made

According to the latest follow-up report, released today, Slovenia has made significant strides in addressing technical shortcomings identified in its 2017 Mutual Evaluation Report. The report highlights that Slovenia’s legislative amendments to the terrorist financing offence have led to a re-rating from “partially compliant” to “largely compliant” with the Financial Action Task Force (FATF) Recommendation 5, which pertains to the criminalisation of terrorist financing.

Key Achievements

• Slovenia has made considerable progress in addressing technical compliance shortcomings.
• 11 out of 40 FATF recommendations are now rated “compliant”.
• 29 recommendations are rated “largely compliant”.

As a direct result of this improved compliance level, Slovenia is no longer required to report under MONEYVAL’s 5th round of evaluations. Furthermore, the application of Step 1 of MONEYVAL’s Compliance Enhancing Procedures has been terminated.

About MONEYVAL

The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) is a monitoring body of the Council of Europe tasked with assessing compliance with international standards to counter money laundering, terrorism financing, and proliferation financing. The organisation evaluates 33 states and territories, providing recommendations to national authorities for necessary improvements to their anti-money laundering and counter-terrorist financing systems.

Full Report Available Online

The full report can be accessed online at [link to report].