Jozeph Stieranka, Olga Busarova

Counteracting Legalization of Criminally Received Profits and Financing Terrorism in Slovak Republic

2012. No. 1. P. 118–132 [issue contents]

Stieranka Joseph - Assiociate Professor, engineer of Bratislava Academy of the Police Corps, Department of Criminal Police. Address: Sklabinská 1Bratislava, 83517, Slovakia. E-mail:jozef.stieranka@minv.sk.

Busarova Olga - Postgraduate Student, Pan European University, Bratislava. Address: 20, Tomasikova, Bratislava, SK-821 02, Slovakia. E-mail: obusarova@yandex.ru

This article presents the most recent form of legal regulation in the Slovak Republic to prevent money laundering. It describes the reasons for its adoption and its compliance with Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 On the Prevention of the Use of the Financial System for the Purpose of Money Laundering and Terrorist Financing. The body of the article is devoted to the duties of financial credit organizations and a special financial monitoring authority, which are established by Law of Slovakia No. 297/2008. The law represents an integral part of a compact system of various legal means and procedures at various horizontal and vertical levels aimed at eliminating legalization of illegal profits and financing terror communities. The law provides for three types of control over clients of financial and credit organizations – basic, light and extra. They are used at the discretion of a person in charge to the extent of danger for legalizing these incomes or financing terrorism. The extra control is implemented if the information received by the person in charge reveals a high level of danger to legalize incomes received criminally or financing terrorism by some clients. The other cases may apply basic control. It is obligatory if there are doubts on reliability and completeness of information on the client when establishing commercial cooperation and visiting a casino by an individual. This article also specifies and defines the key terms used in the above mentioned law, namely: suspicious transaction, fictitious bank, politician – a foreign public person, end beneficiary, operation (transaction), commercial cooperation, identification and identification verification. The conclusive part of the article describes the sanctions, which applied in case of non-performing the established duties.

Citation: Stieranka J., Busarova O. (2012) Protivodeistvie legalizatcii dokhodov, poluchennykh prestupnym putem, i finansirovaniiu terrorizma v Slovatckoi respublike [Counteracting Legalization of Criminally Received Profits and Financing Terrorism in Slovak Republic]. Pravo. Zhurnal Vysshei shkoly ekonomiki, no 1, pp. 118-132. (in Russian)
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