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Moneyval Mutual Evaluation Report Czech Republic 2018, Ratings

1. Anti-money laundering and counter-terrorist financing measures in Czech Republic: Mutual Evaluation Report – February 2019 Mutual evaluation report by the Committee…
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  • 1. Anti-money laundering and counter-terrorist financing measures in Czech Republic: Mutual Evaluation Report – February 2019 Mutual evaluation report by the Committee of Experts on the Evaluation of Anti- Money Laundering Measures and the Financing of Terrorism MONEYVAL 1 Anti-money laundering and counter- terrorist financing (AML/CFT) measures in Czech Republic Fourth Round Mutual Evaluation Ratings February 2019 http://www.fatf-gafi.org/publications/mutualevaluations/documents/mer-czech-republic-2018.html
  • 2. Anti-money laundering and counter-terrorist financing measures in Czech Republic: Mutual Evaluation Report – February 2019 Mutual evaluation report by the Committee of Experts on the Evaluation of Anti- Money Laundering Measures and the Financing of Terrorism MONEYVAL Ratings – Effectiveness (1/3) 2 Immediate outcome of an effective system to combat money laundering (ML) and terrorist financing (TF) Extent to which Czech Republic has achieved this objective 1. ML and TF risks are understood and, where appropriate, actions co-ordinated domestically to combat ML and TF Moderate 2. International co-operation delivers appropriate information, financial intelligence, and evidence, and facilitates action against criminals and their assets Substantial 3. Supervisors appropriately supervise, monitor and regulate financial institutions and designated non-financial businesses and professions (DNFBPs) for compliance with AML/CFT requirements commensurate with their risks. Moderate 4. Financial institutions and DNFBPs adequately apply AML/CFT preventive measures commensurate with their risks, and report suspicious transactions. Moderate
  • 3. Anti-money laundering and counter-terrorist financing measures in Czech Republic: Mutual Evaluation Report – February 2019 Mutual evaluation report by the Committee of Experts on the Evaluation of Anti- Money Laundering Measures and the Financing of Terrorism MONEYVAL 3 Immediate outcome of an effective system to combat money laundering (ML) and terrorist financing (TF) Extent to which Czech Republic has achieved this objective 5. Legal persons and arrangements are prevented from misuse for money laundering or terrorist financing, and information on their beneficial ownership is available to competent authorities without impediments Moderate 6. Financial intelligence and all other relevant information are appropriately used by competent authorities for money laundering and terrorist financing investigations. Moderate 7. Money laundering offences and activities are investigated and offenders are prosecuted and subject to effective, proportionate and dissuasive sanctions Moderate 8. Proceeds and instrumentalities of crime are confiscated. Substantial Ratings – Effectiveness (2/3)
  • 4. Anti-money laundering and counter-terrorist financing measures in Czech Republic: Mutual Evaluation Report – February 2019 Mutual evaluation report by the Committee of Experts on the Evaluation of Anti- Money Laundering Measures and the Financing of Terrorism MONEYVAL 4 Immediate outcome of an effective system to combat money laundering (ML) and terrorist financing (TF) Extent to which Czech Republic has achieved this objective 9. Terrorist financing offences and activities are investigated and persons who finance terrorism are prosecuted and subject to effective, proportionate and dissuasive sanctions. Substantial 10. Terrorists, terrorist organisations and terrorist financiers are prevented from raising, moving and using funds, and from abusing the non-profit sector. Moderate 11. Persons and entities involved in the proliferation of weapons of mass destruction are prevented from raising, moving and using funds, consistent with the relevant United Nations Security Council Resolutions. Moderate Ratings – Effectiveness (3/3)
  • 5. Anti-money laundering and counter-terrorist financing measures in Czech Republic: Mutual Evaluation Report – February 2019 Mutual evaluation report by the Committee of Experts on the Evaluation of Anti- Money Laundering Measures and the Financing of Terrorism MONEYVAL 5 Ratings – Effectiveness 0 3 8 0 High Substantial Moderate Low
  • 6. 6 Ratings – technical compliance (1/5) AML/CFT POLICIES AND COORDINATION 1. Assessing risks & applying a risk-based approach Larg LarLarLar Largely Compliant 2. National cooperation and coordination PartiParParPar Partially Compliant MONEY LAUNDERING AND CONFISCATION 3. Money laundering offence Larg LarLarLar Largely Compliant 4. Confiscation and provisional measures ComComComCom Compliant TERRORIST FINANCING AND FINANCING OF PROLIFERATION 5. Terrorist financing offence Larg LarLarLar Largely Compliant 6. Targeted financial sanctions related to terrorism & terrorist financing PartiParParPar Partially Compliant 7. Targeted financial sanctions related to proliferation PartiParParPar Partially Compliant 8. Non-profit organisations PartiParParPar Partially Compliant
  • 7. 7 Ratings – technical compliance (2/5) PREVENTIVE MEASURES 9. Financial institution secrecy laws ComComComCom Compliant Customer due diligence and record keeping 10. Customer due diligence Larg LarLarLar Largely Compliant 11. Record keeping Larg LarLarLar Largely Compliant Additional measures for specific customers and activities 12. Politically exposed persons Larg LarLarLar Largely Compliant 13. Correspondent banking PartiParParPar Partially Compliant 14. Money or value transfer services ComComComCom Compliant 15. New technologies Larg LarLarLar Largely Compliant 16. Wire transfers Larg LarLarLar Largely Compliant
  • 8. 8 Ratings – technical compliance (3/5) PREVENTIVE MEASURES (continued) Reliance, Controls and Financial Groups 17. Reliance on third parties Larg LarLarLar Largely Compliant 18. Internal controls and foreign branches and subsidiaries Larg LarLarLar Largely Compliant 19. Higher-risk countries PartiParParPar Partially Compliant Reporting of suspicious transactions 20. Reporting of suspicious transactions PartiParParPar Partially Compliant 21. Tipping-off and confidentiality PartiParParPar Partially Compliant Designated non-financial Businesses and Professions (DNFBPs) 22. DNFBPs: Customer due diligence PartiParParPar Partially Compliant 23. DNFBPs: Other measures PartiParParPar Partially Compliant
  • 9. 9 Ratings – technical compliance (4/5) TRANSPARENCY AND BENEFICIAL OWNERSHIP OF LEGAL PERSONS AND ARRANGEMENTS 24. Transparency and beneficial ownership of legal persons Larg LarLarLar Largely Compliant 25. Transparency and beneficial ownership of legal arrangements Larg LarLarLar Largely Compliant POWERS AND RESPONSIBILITIES OF COMPETENT AUTHORITIES AND OTHER INSTITUTIONAL MEASURES Regulation and Supervision 26. Regulation and supervision of financial institutions Larg LarLarLar Largely Compliant 27. Powers of supervisors Larg LarLarLar Largely Compliant 28. Regulation and supervision of DNFBPs Larg LarLarLar Largely Compliant Operational and Law Enforcement 29. Financial intelligence units Larg LarLarLar Largely Compliant 30. Responsibilities of law enforcement and investigative authorities Larg LarLarLar Largely Compliant 31. Powers of law enforcement and investigative authorities ComCo Co Com Compliant 32. Cash couriers PartiPa Pa Par Partially Compliant
  • 10. 10 Ratings – technical compliance (5/5) POWERS AND RESPONSIBILITIES OF COMPETENT AUTHORITIES AND OTHER INSTITUTIONAL MEASURES (continued) General Requirements 33. Statistics PartiParParPar Partially Compliant 34. Guidance and feedback Larg LarLarLar Largely Compliant Sanctions 35. Sanctions PartiParParPar Partially Compliant INTERNATIONAL COOPERATION 36. International instruments Larg LarLarLar Largely Compliant 37. Mutual legal assistance Larg LarLarLar Largely Compliant 38. Mutual legal assistance: freezing and confiscation Larg LarLarLar Largely Compliant 39. Extradition Larg LarLarLar Largely Compliant 40. Other forms of international cooperation Larg LarLarLar Largely Compliant
  • 11. Anti-money laundering and counter-terrorist financing measures in Czech Republic: Mutual Evaluation Report – February 2019 Mutual evaluation report by the Committee of Experts on the Evaluation of Anti- Money Laundering Measures and the Financing of Terrorism MONEYVAL 11 Ratings – technical compliance
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