RAISE COUNTRY RISK AFTER SLOVAKIA ELECTS FAR RIGHT PRO-RUSSIAN LEADER, CANCELS MILITARY AID TO UKRAINE

 

Compliance officers in the European Union should take a hard look at the SLOVAK REPUBLIC, more commonly known as SLOVAKIA, after the country elected a far-right leader, and abruptly cancelled all military aid to the Ukraine. New national leadership, with is openly pro-Russian, and objects to imposing sanctions, could direct its law enforcement agencies to ignore shipments of dual-use products to Russia, close its eyes to the transit of funds violating sanctions against Russia imposed by other EU members, or even facilitate the delivery of military supplies to Russia, either directly, or through Belarus.

ROBERT FICO, new populist PM

Substantial financial transactions to or from Slovakia, which was previously a strong supporter of the Ukraine in its defensive war against Russia, must now be a subject of concern for compliance officers.  While we are not aware of any suspicious transactions being reported by EU Member states, frontline compliance officers tasked with transaction monitoring should be briefed by their compliance supervisors to be alert to any sign of an increase in wire transfers, requests for bulk shipments of US Dollars to Slovakian financial institutions, and other indicia of activity that might indicate covert assistance to Russia and its military-industrial complex. 

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NOTE: The book cover seen at the top of this page is "The Laundry Man" published in the Slovak language.