MONEYVAL reports on the Czech Republic

Finance experts want Czech Republic authorities to bring the criminalisation of money laundering into line with international standards.

In its report on the country, published today, the Council of Europe’s MONEYVAL Committee (Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism) also states that legislation to ensure corporate criminal liability is “urgently needed.”

The report adds: “The total damage from economic crime is high. Nonetheless there is little evidence of significant money laundering cases being taken forward by the police and the prosecution. The Czech authorities need to analyse the discrepancy between the types of money laundering cases being prosecuted and the incidence of money laundering in the country.

“There is a growing awareness of the importance of financial investigation by law enforcement in the detection of proceeds subject to confiscation. Provisional measures (freezing and seizing) are said to be taken regularly, but the lack of statistics on confiscation orders negatively affects the performance of the system overall.

“The Financial Intelligence Unit’s (FIU) resources also need strengthening for its supervisory work in respect of all obliged entities. “

More Information

Report: Moneyval Report On Czech Republic


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