The State Financial Monitoring Service of Ukraine continues to carry out coordinating measures on improvement and enhancement the effectiveness of the national financial monitoring system based on the results of the MONEYVAL 5th round of evaluation by the Committee of Expert of the Council of Europe on the evaluation of Anti-Money Laundering measures and Financing of Terrorism (MONEYVAL).
Based on the results of a thorough analysis of the MONEYVAL’s report, which defines a number of aspects of the national financial monitoring system work that needs to be improved, the SFMS jointly with all interested state authorities prepared the Action Plan to improve the national financial monitoring system based on the results of 5th round of mutual evaluation of Ukraine by MONEYVAL.
The mentioned document was approved on the 12th of April, 2018, at the fifth session of the Council on Prevention and Counteraction to Legalization (Laundering) of the Proceeds from Crime, Terrorist Financing and the Financing of Proliferation of Weapons of Mass Destruction and submitted for the consideration to the Government by the SFMS.
The Cabinet of Ministers of Ukraine on the 29th of May, 2018 supported proposal for the adoption of the agreed Action Plan and issued appropriate orders for its further implementation.
In the light of this event, the Head of the SFMS Igor Cherkaskyi noted that the successful implementation of the proposed Action Plan is an extremely important element of the national financial monitoring system development and an indicator of its effectiveness.
The abovementioned document contains 61 points of legislative, methodological and practical direction and also a set of measures related to the need to improve the work on:
- investigation of crimes related to the legalization (laundering) of the proceeds from crime, terrorist financing;
- international cooperation;
- transparency of the beneficiary ownership of legal entities;
- regulation/supervision and methodically-explanatory work of the state financial monitoring entities;
- counteraction to terrorist financing and proliferation of weapons of mass destruction, as well as targeted financial sanctions;
- other tasks in the field of prevention and counteraction to the legalization (laundering) of the proceeds from crime, terrorist financing and the financing of proliferation of weapons of mass destruction.
It should be noted that Ukraine's first progress report on implementation of the Action Plan will be presented to the MONEYVAL Committee already on the first Plenary Meeting in 2019.
Press-service of the SFMS