As a logical sequence in relation to the previous topic of the Law on Prevention of Money Laundering, the new National Risk Assessment of Money Laundering, Financing of Terrorism and Financing of the Proliferation of Weapons of Mass Destruction has arrived, which provides an overview of key threats, vulnerabilities and measures aimed at protecting financial and economic system and was created as a result of cooperation with institutions, the private sector and international organizations, thus confirming a multidisciplinary approach as crucial for a more effective fight against financial crime.
The national assessment is aligned with the recommendations of the Financial Action Task Force (FATF), an international body to combat money laundering and terrorist financing that emphasizes the need for an adaptive and dynamic approach, especially in sectors prone to rapid technological development.
Digital assets – a high-risk sector
Among other things, digital assets have been recognized as a high-risk sector due to the anonymity of transactions and the speed of global capital flows. The assessment uses the Council of Europe methodology, specifically adapted for digital assets, and indicates the necessity of strengthening the legal and institutional framework to enable efficient monitoring of transactions and identification of users. The proposed measures include:
– Improving the licensing and registration system for digital asset service providers.
– Introducing the obligation to monitor and report suspicious transactions in more detail.
– Educating supervisory authorities on the specificities of the digital asset sector.
Legal entities and arrangements – transparency challenges
Legal entities and arrangements have been identified as a potential point of abuse, in particular through complex ownership structures that make it difficult to identify beneficial owners. The document points to the risks arising from corporate structures with beneficial owners that are difficult to identify and the exploitation of legal arrangements to conceal the origin of assets and finance illicit activities.
Despite progress, the assessment highlights the need for continued strengthening of the capacity of supervisory institutions and improving transparency. At the same time, challenges such as compliance with FATF recommendations and the specificities of the local context remain key points for further consideration.
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