CZECH REPUBLIC: AML/CFT ASSESSMENT ENHANCED FOLLOW-UP REPORT

On 28 January, FATF published this follow-up report prepared by FATF-style regional body MONEYVAL.  It sets out the progress that the Czech Republic has made in improving its level of compliance with the FATF standards, since the 2019 mutual evaluation.  As a result, the following Recommendations have been re-rated: Recommendation 8 is re-rated from partially compliant to largely compliant; Recommendation 20 is re-rated from partially compliant to largely compliant; Recommendation 21 is re-rated from partially compliant to compliant; Recommendation 22 is re-rated from partially compliant to largely compliant; Recommendation 23 is re-rated from partially compliant to largely compliant; and Recommendation 35 is re-rated from partially compliant to largely compliant. The Czech Republic is now “compliant” with 6 of the 40 FATF Recommendations, “largely compliant” with 29 Recommendations and “partially compliant” with 5 Recommendations. The country 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. The Czech Republic is expected to report back in 1 years’ time.

https://www.fatf-gafi.org/media/fatf/documents/reports/fur/MONEYVAL-FUR-Czech-Rep-Dec-2021.pdf

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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