SLOVAKIA: AML/CFT MUTUAL EVALUATION REPORT

On 29 October, MONEYVAL published the 5th Round mutual evaluation report on the Slovak Republic.  It says, among other things, that the report concludes that the Slovak Republic obtains poor results in using financial intelligence and other relevant information to collect evidence and trace criminal assets.  Since the last evaluation, the number of money laundering convictions increased, but an important part is related to simple property offences such as car thefts. The outcome of investigations and prosecutions of money laundering in other major proceeds generating crimes does not fully reflect the country’s risks.  The absence of a central bank account register and the lack of beneficial owner information are reported as the greatest challenges in conducting financial analysis.  MONEYVAL flags important shortcomings in the FIU’s mechanism  and says that that preventive measures are seriously affected by several issues, and furthermore there are no mechanisms in place to verify the information on the ultimate beneficial owners at the time of registration.  Based on the results of its evaluation, MONEYVAL decided to apply its enhanced follow-up procedure and invited Slovakia to report back in September 2022.

https://rm.coe.int/moneyval-2020-21-5th-round-mer-slovakia/1680a02853

MONEYVAL: SLOVAKIA SHOULD PROSECUTE MONEY LAUNDERING WITH MORE DETERMINATION

On 29 October, a news release from the Council of Europe says that MONEYVAL urges the authorities of the Slovak Republic to systematically pursue illicit funds generated by all proceeds generating crimes through effective seizure and confiscation, and to systemically tackle money laundering and terrorist financing occurring around such crimes. 

https://search.coe.int/directorate_of_communications/Pages/result_details.aspx?ObjectId=0900001680a02299

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s