The Slovak Republic has made significant progress in improving its anti-money laundering and counter-terrorist financing framework, concludes the Council of Europe MONEYVAL Committee in a follow-up report released today.
The report notes substantial legislative reforms addressing a wide range of technical compliance deficiencies identified in the 5th-round mutual evaluation report, adopted in 2020, and in previous follow-up reports.
MONEYVAL finds that the Slovak Republic has sufficiently addressed shortcomings under several Financial Action Task Force (FATF) Recommendations. As a result, the country has been upgraded on eight recommendations covering customer due diligence, politically exposed persons, correspondent banking, virtual assets and virtual asset service providers, higher-risk countries, designated non-financial businesses and professions (such as casinos, real estate agents, dealers in precious metals and stones, lawyers, notaries, other independent legal professionals, accountants and trust and company service providers), the financial intelligence unit and cash couriers. (FATF Recommendations 10, 12, 13, 15, 19, 23, 29 and 32).
In today´s report, MONEYVAL concludes that the country has not made sufficient progress to justify an upgrade of the ratings on recommendations concerning non-profit organisations, internal control on branches and subsidiaries, regulation and supervision of designated non-financial businesses and professions, and sanctions (FATF Recommendations 8, 18, 28 and 35).
Overall, of the 40 FATF recommendations, the Slovak Republic is currently compliant with seven recommendations, largely compliant with 29 recommendations, and partially compliant with four recommendations. None of the FATF recommendations is found to be non-compliant.
In line with its rules of procedure and taking into account the visit to the country for the 6th round mutual evaluation scheduled for October 2028, MONEYVAL has also decided that the Slovak Republic will no longer be subject to the 5th-round follow-up process.
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The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) is a Council of Europe monitoring body and a Financial Action Task Force-Style Regional Body which assesses compliance with the main international standards to counter money laundering, the financing of terrorism and the financing of proliferation of weapons of mass destruction, as well as the effectiveness of their implementation. It comprises 35 jurisdictions, 32 of which are assessed solely by MONEYVAL.
