New Prevention of Money Laundering and Terrorist Financing Act (ZPPDFT-2)

Grant ThorntonGrant Thorton

On 4th April 2022 In no. 48 Official Gazette of the RS of is published New Prevention of Money Laundering and Terrorist Financing Act (ZPPDFT-2).

The main innovations brought by the law are:

  • Introduction of new definitions for the transmission of Directive (EU) 2019/1153 and Directive (EU) 2019/2177, as well as Implementing Regulation (EU) 2018/1672;
  • Harmonization of the categories of taxpayers providing crypto currencies on the base of recommendations of the Financial Groups Action project (Financial Action Task Force - FATF );
  • A comprehensive provision process implementation of legal obligations taxpayers with the assistance of external contractors;
  • Documentation requirements of the debtors’ actions in case of inability to conduct reviews parties in accordance with the law;
  • Introduction of new and unregulated reviews of party without personal presence in the case found insignificant risks of money laundering but terrorist financing;
  • Easing of requirements or conditions relating to video electronic identification and dissemination options use of these ways identification and verification identities;
  • Introduction of options that allow, a second secure remote but electronic identification procedure, under certain conditions;
  • Clearer provisions on the scope of extraction of data on the actual to the owner in the case of simplified party audits;
  • Eliminate the requirements for taxpayers who carry out measures of in-depth verification of party when their legal representative, but deputy is a politically exposed person;
  • Extension of restrictions on cash transactions and disbursements above certain legal limits as well as extension of exemptions from the application of restrictive provisions cash transactions for banks, savings banks and exchange offices;
  • Harmonization of the conditions for the transfer of personal data to third countries with the General Data Protection Regulation data;
  • Obligation to appoint an authorized representative and one or more deputies ter Obligation to comply with the conditions for the authorized representative and deputies or the conditions for internal control, even if the framework for less than four employees and despite subject appoints authorized representative and deputies or implements internal control;
  • Adding responsibilities of Office of the Republic of Slovenia for Money Laundering Prevention and field prevention of proliferation of weapons of mass destruction;
  • Shortening the extreme deadlines for submission of data, information and documentation office and base requires responsible for the submission of suspicious data transactions, persons, property, and funds;
  • Regulation of the possibilities of access to Europol to financial information and financial analysis, purpose of the use of these data and cooperation of the Office of the Republic of Slovenia for Money Laundering Prevention with Europol in accordance with Directive (EU) 2019/1153;
  • Harmonization of provisions on the scope implementation of supervisory bodies and clearer delineation of responsibilities identification and sanctions violation economic entities in terms of identifying data on the real owners and input of these data in the register of BO under these supervisory bodies;
  • Addition of responsibilities Office of the Republic of Slovenia for Money Laundering Prevention for needs effective monitoring of implementation obligations economic entities in relation to the identification of data on the actual owners and subscription these data in the register of actual owners;
  • Adjustment of the charges in proportion to the economic power of the person concerned;
  • Reduction of charges below the limits applicable to all taxpayers for general administrative offenses;
  • Introduction of a misdemeanour offense for failure to respond to requests by supervisory authorities to provide data, information and documents related to the implementation of the supervisory order under the Act.

New Prevention of Money Laundering and Terrorist Financing Act (ZPPDFT-2) enter into force on the day following its publication in the Official Gazette RS, i.e. on April 5, 2022.


Source: Official Gazette.

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