Strengthened EU Rules to Tackle Money Laundering and Terrorism Financing and their Implementation in Slovak Republic

Money laundering and terrorism financing can have potentially devastating social, economic, and security consequences. The negative impacts of money laundering tend to be magnified in these markets because they tend to have less stable financial systems, a lack of banking regulations and effective law enforcement, and, therefore, are more susceptible to disruption from criminal or terrorism influences. Combating Money laundering is an important part of the overall fight to drug dealing, organised crime and since a number of years, also against terrorist financing. The EU has instituted new rules designed to make it tougher for terrorist groups and criminal organizations to hide their money by moving it into European countries. The aim of this paper is to define the situation in prevention of money laundering in Slovak republic, to analyse the new EU directive known as 'fourth anti-money laundering directive" and its incorporation into the legal system of Slovak republic.