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LEGISLATION AND DOCUMENTS

Legislation and Documents

 

 The Parliament of the Republic of Slovenia adopted the Act on Prevention of Money Laundering and Terrorist Financing (hereinafter: APMLFT) on 20 October 2016 at its 23rd session. The APMLFT transposed the 4th European Directive 2015/849/EU of 20 May 2015 on the Prevention of Abuse of Financial System for Money Laundering or Terrorist Financing to the legislation of our country. Beside this, the APMLFT has also been focused on the adjustment of Slovenian legislation with the international standards from this field, especially with the new FATF (Financial Action Task Force) recommendations from 2012, which the countries should take into consideration at performing measures of detection and prevention of money laundering and terrorist financing and as a novelty, also financing of weapons for mass destruction.

 

The key novelties of APMLFT are:

-       establishment of the Register of Beneficial Owners, to ensure transparency of ownership structures of business subjects;

-       competence of OMLP to perform on-site inspections at obliged entities in order to improve the supervision system and sanctioning;

-       enforcement of RBA (risk based approach) to increase the effectiveness of performing of measures at the level of obliged entities, state and European level;

-       introduction of the wider definition of PEPs (politically exposed persons), which (beside foreign PEPs) includes also the domestic ones;

-       reduction of the amount of cash transactions which have to be reported to OMLP to 15.000 EUR, that would have preventive and deterrent effect and would also present higher barrier for performing illegal activities;

-       possibility of determination and verification of the identity of customer, who is a natural person, without his/her personal presence by the use of video electronic identification;

-       extension of the possibilities of use of electronic identification means (before: qualified digital certificate) at determination and verification of the identity of customer also to the legal representatives of companies and authorized persons of all customers;

-       extension of set of obliged entities for performing measures of detection and prevention of money laundering and terrorist financing.

 

The publication of APMLFT in the Official Gazette of the Republic of Slovenia is available at this link