Slovakia Country Summary

FATF Status

Slovakia is not on the FATF List of Countries that have been identified as having strategic AML deficiencies

Compliance with FATF Recommendations

The last follow-up Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Slovakia was undertaken in 2024. According to the follow-up Evaluation, Slovakia was deemed Compliant for 5 and Largely Compliant for 23 of the FATF 40 Recommendations. It remains Highly effective for 0 and Substantially Effective for 1 of the Effectiveness & Technical Compliance ratings.

Slovakia faces significant challenges related to crime and corruption, with persistent issues affecting both the business environment and public trust in governance. Despite being a party to various international anti-corruption treaties, corruption remains deeply ingrained in the business culture, and high-level corruption is infrequently prosecuted, leading to concerns about the effectiveness of law enforcement and the judiciary.

Slovakia's economy is characterized as a small, open, export-oriented system, benefiting from its EU and Eurozone memberships, which enhance its attractiveness for foreign direct investment (FDI). The country has experienced robust GDP growth, reaching 4.3% in 2018, driven by exports and domestic consumption, while maintaining a historically low unemployment rate. However, Slovakia faces challenges such as an inefficient judiciary, inadequate investment in innovation, and a perception of corruption, which could hinder its potential for high-value investments despite its strong manufacturing sector, particularly in automotive production.