The Council of Europe (COE)’s AML watchdog MONEYVAL has issued a report about Slovenia’s AML/CFT progress. The authority has acknowledged Slovenia’s progress since the adoption of its latest mutual evaluation report in June 2017. As such, Slovenia’s rating has improved in various areas. There are, however, some deficiencies related to AML/CFT risk mitigation in the virtual assets sector.
Slovenia’s international compliance rating has improved because of steps that the country has taken towards the regulation of non-profit organisations, correspondent banking relationships, AML supervision and AML efforts targeting politically exposed persons. MONEYVAL’s report has also evaluated Slovenia’s implementation of the new international requirements for the virtual assets sector. In this regard, despite some progress, Slovenia has deficiencies. Therefore, Slovenia’s rating in this area has downgraded from ‘compliant’ to ‘partially compliant’.
As per the new report, Slovenia is now fully compliant with eleven of the 40 FATF Recommendations. There are some minor deficiencies related to 25 other FATF Recommendations, and major deficiencies related to the remaining 4, namely, national risk assessment, terrorism financing offence, virtual assets, cash couriers. MONEYVAL has decided to keep Slovenia in the enhanced follow-up process and evaluate its progress again the next year.
Source: Council of Europe