On 24 November, MONEYVAL released a follow-up report on Slovakia which reports the upgrading of the country’s ratings from “partially compliant” to “largely compliant” in four areas related to the ML/TF risk assessment, suspicious transaction reporting, designation of a competent authority for ML and maintaining comprehensive statistics.  However, in the field of new technologies, where international requirements for virtual assets have recently been introduced, Slovakia’s rating has been downgraded.  It also welcomes the adoption of the Action plan to manage and mitigate ML and TF risks. Previously identified deficiencies regarding the requirement to report suspicious transactions to the Financial Intelligence Unit have also been addressed.  It says that Slovakia has equally taken necessary steps in the area of establishing a competent authority to investigate ML cases and a requirement to keep and maintain comprehensive statistical data.

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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