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18.04.2017  Print Version

The Head of the State Financial Monitoring Service of Ukraine, Mr. Igor Cherkaskyi presented the Public Report

Presentation of the Public Report of the Head of the State Financial Monitoring Service of Ukraine, Mr. Igor Cherkaskyi on activities results for 2016 was held on April 14, 2017.

The event was attended by the representatives of public, leading experts on financial monitoring issues and the SFMS’ employees.

At the outset, the Head of the SFMS has focused on the basic aspects of the legal support of the SFMS, its structure and informed about the main SFMS’ functions to identify and freeze the proceeds from crime or assets related to terrorist financing, particularly concerning financial investigations on power abuse of former high officials.

In this aspect, the Head has mentioned that as of today the SFMS has blocked assets and funds associated with the former President of Ukraine and former officials, in the amount exceeding USD 1.5 billion.

Moreover, Mr. Igor Cherkaskyi has paid an attention on the conduction by the FIU of Ukraine of compilation of typological studies, including the preparation of compiled typologies for the last three years, where the main focus was given to AML from corruption and the fight against terrorist financing.

 The Head has concentrated on the work concerning increasing of effectiveness of interaction with law enforcement and intelligence agencies, to which the SFMS submits appropriate case referrals.

It was emphasized that in 2016, 591 cases were sent to the law enforcement agencies, but in general, from March 2014 to December 2016 1953 case referrals were submitted.

Another important aspect of the SFMS’ activity, which was noted by Mr. Igor Cherkaskyi, was the issue of coordination of financial monitoring participants.

Such a coordination is performed at the information level, due to the Unified State Information System, and due to the activities of the Council on the prevention and counteraction to legalization (laundering) of the proceeds from crime, terrorist financing and the financing of proliferation of weapons of mass destruction as well as due to the cooperation with professional associations of reporting entities and public.

Furthermore, Mr. Igor Cherkaskyi mentioned that without a successful coordination between the financial monitoring participants it would not have been possible to conduct the National Risk Assessment and the MONEYVAL 5th Round Evaluation. 15 threats and 37 risks in the system of financial monitoring following the results of the National Risk Assessment were identified.

The Head has drawn his attention to the important element such as methodological assistance and cooperation with reporting entities.

He has noted that at the Training Centre, which is under the SFMS, 1675 specialists of the public and private sectors only in 2016 have been trained. Moreover, under the support of the OSCE Project Coordinator in Ukraine the compilation of legislation on combating money laundering and terrorist financing (with comments and explanations) was developed in 2016.

The Head of the SFMS has marked the significant amount of work of the SFMS on the international arena. The FIU of Ukraine cooperates with many international organizations, including FATF, MONEYVAL, the Egmont Group of Financial Intelligence Units and others. Currently the SFMS has signed 73 MOUs with foreign FIUs. In 2016 the FIU of Ukraine has carried out the information exchange of financial information with 154 foreign FIUs.

At the end of his speech, Mr. Igor Cherkaskyi has informed about plans for the activities of the SFMS. Thus, the continuation of the cooperation with MONEYVAL within the 5th Round of Evaluation, which includes improvement of legislation, collaboration with law enforcement agencies, strengthening international cooperation, improvement of interagency cooperation, ensuring the work of the Unified State Information System, coordination on further training, will be an important area of work.

After the presentation of the Public Report, the Head of the SFMS has responded on the questions of the public and has noted that FIU of Ukraine as the coordinating body of financial monitoring in order to achieve effective results in its work will remain open and will ensure constructive cooperation with state supervisors, law enforcement agencies, reporting entities and particularly civil society.

In addition, the Head of the SFMS has expressed his gratitude to all employees for their contribution to the achieved results.

The report of the State Financial Monitoring Service of Ukraine for 2016 can be found on the official web site of the SFMS under the Section “About the Service” – “Activity reports”.


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