Slovakia

New Documents

Moneyval: Slovakia Improved Compliance with AML/CTF Standards

The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism issued a follow-up report that welcomes steps taken by Slovakia to improve compliant with global anti-money laundering and counterterrorist financing standards.

November 28, 2022

Five EU Nations Withdraw Participation from IBEC, IIB

The finance ministries of Bulgaria, the Czech Republic, Romania, Poland and the Slovak Republic announced that they are withdrawing participation from the Bank for Economic Cooperation and International Investment Bank due to Russia’s prominent links to the institutions.

April 29, 2022

GRECO Finds Limited Improvements to Slovakian Anti-Corruption Efforts

January 19, 2022

GRECO Notes Disappointment in Lagging Slovak Republic Efforts to Combat Corruption

February 9, 2021

Moneyval 5th Round MER on Slovakia’s AML/CTF Regime Finds Confiscation, Prosecution Gaps

October 29, 2020

News

Weekly Roundup: Hunter Biden Wants SAR Leak Investigation, FinCEN Bolsters BSA Database Safeguards, and More

FINRA flags ACATS fraud, Cyprus fears U.S. sanctions, and more, in the weekly roundup.

May 1, 2023

Midweek Roundup: Binance Allegedly Undermined Own Compliance Program, FTX Founder Accused of Bribing Chinese Official, and More

EU lawmakers amend AML overhaul, FinCEN responds to criticism, and more, in the midweek roundup.

March 29, 2023

Weekly Roundup: US Bill Targets CDD Rule, Justice Department Weighs Deal with Huawei Finance Chief, and More

December 5, 2020

EU Launches Cases Against 5AMLD Latecomers

February 12, 2020

Midweek Roundup: Malta Restricts Satabank Operations, Complaint Targets Nordea Bank in Finland, and More

October 24, 2018

Enforcement Actions

0 Items Found

Key Documents

Slovakia Releases Amended Version of AML/CTF Act

April 24, 2009

Slovakia Criminalizes Legalization of Proceeds, Terrorism-Related Conduct

May 20, 2005

Important Facts

  • The U.S. State Department classifies the Slovak Republic as a jurisdiction of concern. Slovakia is a transit and destination country for: counterfeit and smuggled goods; auto theft; value-added tax fraud; and trafficking in persons, weapons and illegal drugs. Criminal activity is characterized by a high level of domestic and foreign organized crime, mainly originating from eastern and southeastern Europe. Many of these same groups are involved in laundering funds. Slovakia suffers from trade-based money laundering and possible terrorist financing. However, funds from public corruption do not significantly contribute to money laundering and terrorist financing. The country has no offshore or free trade zones. Slovak authorities see the transfer of undeclared cash across borders as a possible money laundering vulnerability. Alternative remittance systems are not known to be widely used in Slovakia. The Slovak Ministry of Interior’s Financial Intelligence Unit has also noted increased incidences of online fraud and identified unusual transactions suspected of perpetrating tax fraud, tax evasion and the disguising of illicit funds in banks registered to Hungarian and Chinese citizens and entities.
  • KYC Covered Entities: Banks, the Export-Import Bank of the Slovak Republic, credit institutions, insurance companies, pension asset management companies, foreign currency exchanges, gaming operators, bankruptcy administrators, accountants, tax advisors, postal operators, real estate agents and intermediaries, foundations, non-profit organizations (NPOs), non-investment funds, and other special corporations managing and distributing funds
  • STR Covered Entities: Banks, the Export-Import Bank of the Slovak Republic, credit institutions, insurance companies, pension asset management companies, foreign currency exchanges, gaming operators, bankruptcy administrators, accountants, tax advisors, postal operators, real estate agents and intermediaries, foundations, NPOs, non-investment funds, and other special corporations managing and distributing funds
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: No
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 65 (2014); Convictions: 23 (2014)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 5 High : 0
Largely Compliant : 23 Substantial : 1
Partially Compliant : 12 Moderate : 9
Non-Compliant : 0 Low : 1
Not-Applicable : 1

Slovakia's technical compliance was re-rated in a Nov. 24, 2022, follow-up report.

BASEL i

Rank : 120/141
Score : 3.95/10

TRANSPARENCY INTERNATIONAL i

Rank : 59/180
Score : 50/100

Tax Justice Network i

Rank : 104/133
Score : 51/100