Money laundering and terrorist financing reports on Georgia, Montenegro, Poland and Slovakia

The Council of Europe anti-money laundering and counter-terrorism financing body (MONEYVAL) has published follow-up reports on Georgia, Montenegro, Poland and Slovakia, reassessing their technical compliance with a number of the 40 Financial action task force (FATF) recommendations.

Georgia: shortcomings to the tackled

In its follow-up report on Georgia, MONEYVAL concludes that the country has taken steps to enhance its anti-money laundering and terrorist financing measures but still needs to tackle certain shortcomings. It has achieved limited progress in addressing some technical compliance deficiencies regarding targeted financial sanctions related to the financing of terrorism and the proliferation of weapons of mass destruction. The country is rated as compliant on seven recommendations, largely compliant on 24 recommendations, and partially compliant on eight recommendations. It is rated as non-compliant on one recommendation related to non-profit organisations.

Montenegro: significant in anti-money laundering measures

Montenegro has made significant progress in improving its anti-money laundering and terrorist financing framework and addressing several shortcomings. In its follow-up report, MONEYVAL has upgraded the country´s ratings to largely compliant on 12 recommendations covering targeted financial sanctions related to terrorism and terrorist financing, customer due diligence, new technologies, regulation and supervision of financial institutions, and statistics. It has also upgraded the rating of the recommendation regarding the abuse of non-profit organisations to partly compliant. Montenegro is rated as compliant on two recommendations, largely compliant on 31 recommendations, and partially compliant on seven recommendations.

Poland: technical deficiencies are being addressed

In its follow-up report on Poland, MONEYVAL finds that progress has been made in addressing, to a large extent, the technical compliance deficiencies affecting the application of the FATF standards to non-profit organisations. The country has partly improved its compliance with the FATF recommendation on new technologies as a result of enacting the EU Regulations on crypto assets markets and prescribing the travel rule in transfers of certain crypto assets. Poland is rated as compliant on three recommendations, largely compliant on 24 recommendations, and partially compliant on 13 recommendations.

Slovakia: legislative programme has addressed numerous technical issues

MONEYVAL acknowledges significant progress in its follow-up report on the Slovak Republic. It notes that substantial legislative reforms have addressed a wide range of technical compliance deficiencies. As a result, the country has been upgraded on eight recommendations covering customer due diligence, politically exposed persons, correspondent banking, virtual assets and virtual asset service providers, higher-risk countries, and designated non-financial businesses and professions (such as casinos, real estate agents, dealers in precious metals and stones, lawyers, etc.), the financial intelligence unit and cash couriers. The country is rated as compliant with seven recommendations, largely compliant with 29 recommendations, and partially compliant with four recommendations.

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The Committee of experts on the evaluation of anti-money laundering measures and the financing of terrorism (MONEYVAL) is a Council of Europe monitoring body and a Financial action task force-style regional body which assesses compliance with the main international standards to counter money laundering, the financing of terrorism and the financing of proliferation of weapons of mass destruction, as well as the effectiveness of their implementation. It comprises 35 jurisdictions, 32 of which are assessed solely by MONEYVAL.

Read the report on Georgia in full

Read the report on Montenegro in full

Read the report on Poland in full

Read the report on Slovakia in full

MONEYVAL