Council of Europe: Czech efforts to combat money laundering fall short

The Council of Europe’s anti-money laundering body Moneyval says in a new report that Czech efforts to combat money laundering and terrorist financing, while improving, still fall short of CoE standards.

The Moneyval report praised Czech authorities for carrying out a transparent and realistic analysis of the money laundering and counter terrorist financing (AML/CFT) risks that the country faces and for actively cooperating with their foreign counterparts.

But the Council of Europe organ said Prague need to take a more proactive approach in preventing such crimes, including by launching more investigations, when warning signs first appear.

Money laundering in the Czech Republic occurs mostly due to tax crimes, fraud, corruption, phishing, and subvention frauds, according to Moneyval. The financing of terrorists here is well monitored and likely quite low, it said.

Author: Brian Kenety