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Czech AML Regime Still Porous: Moneyval

By Gabriel Vedrenne

The Czech Republic has upgraded its campaign against financial crime through legislation and more prosecutions in recent years, but the country's financial regulators have failed to deter anti-money laundering violations, according to an international assessment. Czech authorities know their country's vulnerabilities to financial crime and assist international investigations, while Czech banks generally maintain high-quality compliance programs, the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, also known as Moneyval, concluded in a 246-page report published Monday. But assessors also claimed that staffing shortages have hampered the Czech Republic's Financial Analytical Unit, or FAU,...

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