In a follow-up report released today, MONEYVAL concludes that the Slovak Republic has taken positive steps towards improving its anti-money laundering and terrorist financing (AML/CFT) regime, in particular concerning compliance with the Financial Action Task Force’s Recommendation 26 on the regulation and supervision of financial institutions. Consequently, MONEYVAL has re-rated the country on this recommendation from Partially Compliant to Largely Compliant.
Since November 2022, the Slovak authorities have introduced measures to prevent associates of criminals from holding (or being the beneficial owner of) a significant or a controlling interest or holding a management function in banks and insurance undertakings. They have also adopted risk assessment procedures for exchange offices and non-banking lenders; and improved its policies to review individual risk profiles for financial institutions.
Overall, the Slovak Republic has made progress in addressing most of the technical compliance shortcomings identified in its 2020 Mutual Evaluation Report. Out of the 40 Recommendations, the country currently has:
• 5 Recommendations rated Compliant
• 23 Recommendations rated Largely Compliant
• 12 Recommendations rated Partially Compliant.
The Slovak authorities are expected to report back by December 2024 to MONEYVAL on further progress made towards strengthening the AML/CFT system.
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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.
Report
MONEYVAL and the Slovak Republic
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