Financial Crime World

Strengthening Anti-Money Laundering and Countering the Financing of Terrorism Efforts in Slovak Republic

The Council of Europe’s Economic Crime and Cooperation Division (ECCD) has joined forces with the Slovak Republic to enhance its anti-money laundering and countering the financing of terrorism (AML/CFT) regime. As part of this effort, ECCD experts are providing support to Slovak authorities in conducting money laundering and terrorism financing sectoral risk assessments related to organized crime and cross-border threats.

Guiding Principles for Sectoral Risk Assessments

The project has resulted in the development of two sets of guidelines for sectoral risk assessments. These guidelines offer detailed methodological guidance on:

  • Process: The steps involved in conducting a sectoral risk assessment
  • Content: The information required to produce accurate risk assessment results
  • Tools: The methods and resources needed for effective risk assessment
  • Analytical reasoning: The techniques used to weigh the risks and make informed decisions

These guidelines have been widely disseminated among Slovak competent authorities.

Workshop on Money Laundering/Terrorist Financing Risk Assessment

To further facilitate knowledge sharing and collaboration, ECCD organized a workshop in partnership with the Slovak Financial Intelligence Unit. The event took place on March 6-7 in Bratislava, attracting 32 representatives from Slovakia’s AML/CFT system as well as participants from Poland and Ukraine.

Workshop Agenda

The workshop focused on two key areas:

  • Organized crime-related ML/TF risk assessment: Experts presented the guidelines in detail, offering practical advice on implementation. Participants shared their own experiences, highlighting good practices, challenges, and solutions for overcoming obstacles.
  • Cross-border threats of money laundering and terrorism financing: Representatives from Slovakia, Poland, and Ukraine explored possibilities for enhanced cross-border cooperation, data exchange, and coordination of actions to effectively identify and mitigate ML/TF threats across borders.

Key Takeaways

The event provided an opportunity for attendees to discuss:

  • Data collection processes and tools
  • Threat identification
  • Information sources
  • Risk-weighing methods

Project Background

The workshop was part of the joint TSI Project “Enhancing the Effectiveness of the AML Framework in Slovakia,” funded by the European Union and the Council of Europe, and implemented by the Council of Europe. This project aims to strengthen the Slovak Republic’s AML/CFT regime and enhance cooperation with neighboring countries.