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Slovak Republic COMMITTEE OF EXPERTS ON THE EVALUATION OF ANTI-MONEY LAUNDERING MEASURES AND THE FINANCING OF TERRORISM (MONEYVAL) MONEYVAL(2011)21 Report on Fourth Assessment Visit Anti-Money Laundering and Combating the Financing of Terrorism SLOVAK REPUBLIC 26 September 2011 The Slovak Republic is a member of MONEYVAL. This evaluation was conducted by MONEYVAL and the report on the 4 th Assessment Visit was adopted by MONEYVAL at its 36th Plenary (Strasbourg, 26 - 30 September 2011). © [2011] Committee of experts on the evaluation of anti-money laundering measures and the financing of terrorism (MONEYVAL). All rights reserved. Reproduction is authorised, provided the source is acknowledged, save where otherwise stated. For any use for commercial purposes, no part of this publication may be translated, reproduced or transmitted, in any form or by any means, electronic (CD-Rom, Internet, etc) or mechanical, including photocopying, recording or any information storage or retrieval system without prior permission in writing from the MONEYVAL Secretariat, Directorate General I - Human Rights and Rule of Law, Council of Europe (F-67075 Strasbourg or [email protected]). Report on fourth assessment visit - Slovak Republic – 26 September 2011 TABLE OF CONTENTS I. PREFACE ....................................................................................................................................................6 II. EXECUTIVE SUMMARY ........................................................................................................................8 III. MUTUAL EVALUATION REPORT.....................................................................................................15 1 GENERAL ........................................................................................................................................15 1.1 General Information on Slovakia ..............................................................................................15 1.2 General Situation of Money Laundering and Financing of Terrorism......................................16 1.3 Overview of the Financial Sector and Designated Non-Financial Businesses and Professions (DNFBPs) ...........................................................................................................................21 1.4 Overview of Commercial Laws and Mechanisms Governing Legal Persons and Arrangements .........................................................................................................................................22 1.5 Overview of Strategy to Prevent Money Laundering and Terrorist Financing .........................23 2 LEGAL SYSTEM AND RELATED INSTITUTIONAL MEASURES.......................................26 2.1 Criminalisation of Money Laundering (R.1 and 2) ...................................................................26 2.2 Criminalisation of Terrorist Financing (SR.II)..........................................................................38 2.3 Confiscation, Freezing and Seizing of Proceeds of Crime (R.3)...............................................43 2.4 Freezing of Funds Used for Terrorist Financing (SR.III)..........................................................50 2.5 The Financial Intelligence Unit and its functions (R.26) ..........................................................57 2.6 Cross Border Declaration or Disclosure (SR.IX) ......................................................................72 3 PREVENTIVE MEASURES - FINANCIAL INSTITUTIONS ...................................................80 3.1 Risk of money laundering / financing of terrorism ...................................................................81 3.2 Customer due diligence, including enhanced or reduced measures (R.5 to R.8) ......................82 3.3 Financial institution secrecy or confidentiality (R.4) ................................................................97 3.4 Record Keeping and Wire Transfer Rules (R.10 and SR. VII) .................................................98 3.5 Monitoring of Transactions and Relationship Reporting (R. 11 and R. 21)............................105 3.6 Suspicious Transaction Reports and Other Reporting (R. 13, 19, 25 and SR.IV)...................108 3.7 Internal Controls, Compliance, Audit and Foreign Branches (R.15 and 22)...........................116 3.8 The Supervisory and Oversight System - Competent Authorities and SROs / Role, Functions, Duties and Powers (Including Sanctions) (R. 23, 29, 17 and 25).......................................121 4 PREVENTIVE MEASURES – DESIGNATED NON FINANCIAL BUSINESSES AND PROFESSIONS......................................................................................................................................136 4.1 Customer due diligence and record-keeping (R.12)................................................................136 4.2 Suspicious transaction reporting (R. 16) .................................................................................141 4.3 Regulation, supervision and monitoring (R. 24-25) ................................................................146 4.4 Other non-financial businesses and professions/Modern secure transaction techniques (R.20) 150 5 LEGAL PERSONS AND ARRANGEMENTS AND NON-PROFIT ORGANISATIONS.....152 5.1 Legal persons – Access to beneficial ownership and control information (R.33)...................152 5.2 Non-profit organisations (SR.VIII) .........................................................................................155 6 NATIONAL AND INTERNATIONAL CO-OPERATION .......................................................158 6.1 National co-operation and co-ordination (R. 31 and R. 32) ....................................................158 6.2 The Conventions and United Nations Special Resolutions (R. 35 and SR.I)..........................161 6.3 Mutual legal assistance (R. 36-38, SR. V) ..............................................................................164 6.4 Other Forms of International Co-operation (R. 40 and SR.V) ................................................173 3 Report on fourth assessment visit - Slovak Republic – 26 September 2011 7 OTHER ISSUES.............................................................................................................................183 7.1 Resources and Statistics ..........................................................................................................183 7.2 Other Relevant AML/CFT Measures or Issues .......................................................................187 7.3 General Framework for AML/CFT System ............................................................................187 IV. TABLES................................................................................................................................................188 8 Table 1. Ratings of Compliance with FATF Recommendations ...............................................188 9 Table 2: Recommended Action Plan to improve the AML/CFT system ...................................199 10 Table 3: Authorities’ Response to the Evaluation (if necessary) ............................................209 V. COMPLIANCE WITH THE 3 RD EU AML/CFT DIRECTIVE.............................................................210 VI. ANNEXES ............................................................................................................................................220 4 Report on fourth assessment visit - Slovak Republic – 26 September 2011 LIST OF ACRONYMS USED AML/CFT Anti-Money Laundering and Counter-Terrorist Financing Act No. 297/2008 Coll. on the Prevention of Legalisation of Proceeds of AML/CFT Act Criminal Activity and Terrorist Financing (hereinafter referred to as AML/CFT Act) ATM Automatic Telling Machine CARIN Camden Asset Recovery Interagency Network SCC Criminal Code CDD Customer Due Diligence CSD Central Securities Depository CIS Collective Investments Act CPC Criminal Procedure Code DNFBP Designated Non-Financial Businesses and Professions EAW European Arrest Warrant ECDD Enhanced Customer Due Diligence ESW Egmont Secure Web EU European Union Financial Intelligence Unit (“Spravodajská Jednotka Finan čnej Polície” in FIU Slovakia) FMS Act Act No. 747/2004 Coll. On Supervision of the Financial Market IIEG Interagency Integrated Group of Experts IT Information Technology MEQ Mutual Evaluation Questionnaire MER Mutual Evaluation Report MLA Mutual Legal Assistance MoF Ministry of Finance MOU Memorandum of Understanding NBS National Bank of Slovakia NPO Non-Profit Organisation ML Money Laundering PEPs Politically Exposed Persons SCC Slovak Criminal Code SCDD Simplified Customer Due Diligence SROs Self-Regulatory Authorities STR Suspicious Transaction Report TF Terrorist Financing UN United Nations UNSCR United Nations Security Council Resolution UTR Unusual Transaction Report 5 Report on fourth assessment visit - Slovak Republic – 26 September 2011 I. PREFACE 1. This is the fourth report in MONEYVAL’s 4th round of mutual evaluations, following up the recommendations made in the 3rd round. This evaluation follows the current version of the 2004 AML/CFT Methodology, but does not necessarily cover all the 40+9 FATF Recommendations and Special Recommendations. MONEYVAL concluded that the 4 th round should be shorter and more focused and primarily follow up the major recommendations made in the 3 rd round. The evaluation team, in line with procedural decisions taken by MONEYVAL, have examined the current effectiveness of implementation of all key and core
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