Competent public government authority for the financial sector - Processes

In the event of any sanction measure, the "competent public government authority" for the financial institution – in the area of financial services and financial markets, money transfers, use of other means of payment, or the purchase and sale of securities and investment coupons, is the Ministry of Finance of the Slovak Republic ("MF SR"), Financial Market Section. The MF SR meets the duties resulting from the legal regulation placing the implementation of international sanctions within its powers and responsibilities in the financial market area. At the same time, it is expected to take up the role of enlightenment and advisory authority for the financial sector of the SR.

For financial institutions, the MF SR's Financial Market section is also the contact authority in the event of any doubt, uncertainties and questions relating to international sanctions. Any information or reports from financial institutions addressed to the MF SR need to be submitted in writing and by e-mail (sankcie@mfsr.sk). The MF SR is authorised to receive information constituting bank secrecy as defined in Article 91(8) of Act No. 483/2001 Coll. on banks. Compliance with reporting and information duties referred to in Act No. 289/2016 Coll. on the implementation of international sanctions is not in lieu of the special obligations under other legal regulations, particularly the duty to report unusual business operations referred to in Act No. 297/2008 Coll. on anti-money laundering and terrorist financing and on the change and amendment to certain acts and/or to report commission of crime or criminal attempt in accordance with Act No. 300/2005 Coll., Criminal Law.

Experience shows that to attain greater efficiency, it is desirable to reply in detail to questions of the financial sector and then elaborate processes to ensure clearer and more efficient application of sanction measures in the financial market of the SR. Therefore, the MF SR has prepared these "Procedures for Efficient Implementation of the Rules and Procedures to Freeze the Funds and Assets of Terrorists and Other Individuals in Use in the Slovak Republic".

The purpose of this material is to establish clear and uniform methodology for the application of international sanctions and sanction measures in the financial market of the SR.