About the State Financial Monitoring Service of Ukraine
The State Financial Monitoring Service of Ukraine that is a central executive body which implements the state AML/CFT policy is the key element of the AML/CFT system.
The activity of the SFMS of Ukraine is regulated by the Law of Ukraine «On prevention and counteraction to legalization (laundering) of proceeds from crime, terrorist financing and the financing of proliferation of weapons of mass destruction» (hereinafter referred to as the Basic Law) and its Statute.
According to the Statute of the SFMS of Ukraine, approved by the Decree of the Cabinet of the Ministers of Ukraine as of July 19, 2015 No 537, the activity of the SFMS of Ukraine is regulated and coordinated by the Cabinet of Ministers of Ukraine through the Minister of Finance of Ukraine.
State Financial Monitoring Service of Ukraine provides implementation of state policy in the sphere of combating legalization (laundering) of proceeds from crime and terrorist financing and ensures coordination of activities of state agencies in the AML/CFT area.
One of the main tasks of SFMS is drawing up the proposals on improvement of legislation in the abovementioned area, implemented through the Ministry of Finance of Ukraine.
Furthermore, in accordance with Law of Ukraine «On ratification of the Council of Europe Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing of Terrorism» SFMS is the body authorized by Ukraine to perform functions of the FIU (Financial Intelligence Unit, FIU), one of the main tasks of which is collecting, processing and analyzing of information on financial transactions, subject to obligatory financial monitoring or any other financial transactions and information that might be related with suspicion of legalization (laundering) of proceeds from crime, terrorist financing and the financing of proliferation of weapons of mass destruction.
Establishment of constructive cooperation with the international organizations and foreign counterparts, that are in charge of organization of efficient counteraction to legalization (laundering) of the proceeds of crime and terrorist financing, is one of the important directions of the activity of the SFMS of Ukraine.
The SFMS of Ukraine as an FIU shares information with foreign counterparts on the reciprocity principles under the Charter of the Egmont Group of FIUs and Memoranda of Understanding.