In a report published today, the Council of Europe’s anti money laundering body MONEYVAL finds that, despite progress in the Czech Republic to combat money laundering (ML) and terrorist financing (FT), the authorities should take a more proactive approach with regard to ML investigations (see the summary of the report).
The report makes a comprehensive assessment of the effectiveness of the Czech Republic’s anti money laundering and counter terrorist financing (AML/CFT) system and its level of compliance with the Financial Action Task Force (FATF) Recommendations.
MONEYVAL acknowledges that the Czech authorities carried out a transparent and realistic analysis of the ML/FT risks faced by the country. ML occurs mostly due to tax crimes, fraud, corruption, phishing and subvention frauds. Whilst FT was also under scrutiny due to its seriousness, the probability of its occurrence remains low. Whereas the national risk assessment is fairly thorough, certain aspects require further analysis and mitigation measures need to be more explicit, MONEYVAL experts said.
