The Slovak Republic has taken steps to enhance its anti-money laundering and terrorist financing (AML/CFT) measures but still needs to tackle several shortcomings, concludes MONEYVAL in a follow-up report released today. MONEYVAL finds that the Slovak Republic has made progress in addressing some of the technical compliance deficiencies impacting the application of the Financial Action Task Force (FATF) standards on non-profit organizations (Recommendation 8), on virtual assets and virtual assets service providers (Recommendation 15), and on high-risk countries (Recommendation 19). However, it points out that the progress made was not sufficient to grant an upgrade and all three recommendations remain rated Partially Compliant.
Overall, out of the 40 recommendations, the Slovak Republic is currently rated as:
• Compliant on five recommendations;
• Largely Compliant on twenty-three recommendations;
• Partially Compliant on twelve recommendations.
None of the FATF recommendations are assessed as non-compliant.
MONEYVAL decided to keep the Slovak Republic under its enhanced follow-up procedure. The country is expected to report back on its overall progress in strengthening AML/CFT measures within a year. Furthermore, it should provide an update on its compliance with FATF Recommendation 10 (customer due diligence) during the next plenary meeting, scheduled for June 2025.
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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 entrusted with the task of assessing compliance with the principal international standards to counter money laundering, the financing of terrorism and the financing of proliferation of weapons of mass destruction, as well as the effectiveness of their implementation. MONEYVAL evaluates 33 states and territories and makes recommendations to national authorities in respect of necessary improvements to their anti-money laundering and counter terrorist financing systems and to counter proliferation financing.
