Supporting the Czech authorities in assessing the money laundering and terrorist financing risks associated with the market entry processes

Online Workshop 12 February 2021
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© Shutterstock

© Shutterstock

Within the framework of the CoE/EU Structural Reform Support Programme initiative “Enhancing effectiveness of the AML/CFT regime in the Czech Republic”, the Council of Europe is supporting the Czech authorities by conducting a Study on the money laundering and terrorist financing (ML/TF) risks associated with the processes of entering the financial market or business by a selected group of obliged entities. The Study aims to complement the second ML/TF National Risk Assessment (NRA) launched by the Czech authorities in the fall 2018, by providing assistance in this specific area.

The findings of the Study were presented and discussed during an online Workshop which took place on 12 February 2021. The Study looked into the current state in the Czech Republic with regards to the identified ML/TF risks, deficiencies and vulnerabilities in terms of regulation, licensing, and/or registering of selected sectors of obliged entities. It furthermore provided an overview of existing national and international requirements.

The activity brought together representatives of the Financial Analytical Office (Czech FIU) and the Czech National Bank, as well as the representatives of the Council of Europe and the European Commission. Czech authorities provided their comments on the Study prior and during the Workshop. As a follow-up to this Workshop, the results of the discussions will be used to review the Study, in order to reflect additional information provided by the authorities.

Upon the finalisation of this activity, the Council of Europe will continue providing its assistance to the Czech authorities by providing targeted recommendations and by reviewing drafts of the new legislative proposals based on needs.