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

Slovakia

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