The Council of Europe’s FATF-style regional body, MONEYVAL, has released the 2nd follow-up report on the Czech Republic, following the 2008 mutual evaluation review of the country.  It is said that it has improved the measures to combat money laundering and terrorist financing, demonstrating substantial progress in its level of compliance with FATF standards.  However, although the country is making commendable progress to address most of the technical compliance deficiencies after the adoption of the mutual evaluation report, more efforts remain necessary to fully implement international standards.  The Czech Republic has achieved full compliance with 6 of the 40 FATF Recommendations. Minor deficiencies remain in the implementation of 29 Recommendations where it has been found “largely compliant”.  5 Recommendation (targeted financial sanctions, virtual assets, cash couriers and maintenance of statistics) remain “partially complaint”, and the Czech Republic has no “non-compliant” ratings.  The Czech Republic will remain in enhanced follow-up and will continue to report back to MONEYVAL on progress to strengthen its implementation of AML/CFT measures, and it is expected to report back in 1 year’s time.

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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

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