Government Approved the National Strategic Directions of Combating Money Laundering

On May 12, 2021, the Cabinet of Ministers of Ukraine approved the resolution "On approval of the Main directions of development of the system of prevention and counteraction to legalization (laundering) of proceeds from crime, terrorist financing and financing the proliferation of weapons of mass destruction in Ukraine for the period until 2023 and the action plan for its implementation".

By this decision, the Cabinet of Ministers defined the main national vectors of development of the system of prevention and counteraction of money laundering with the key directions of state policy in the sphere of financial monitoring for the next three years.

The main directions determine actual risks and threats in the sphere of money laundering prevention and counteraction, and also directions of state policy aimed at minimizing these risks and threats and development of financial monitoring system.

The approved Action Plan provides for institutional, legislative, organizational, and practical improvement of the national system of combating laundering of "dirty" money in accordance with the international standards.

At the same time, measures are divided into groups, for each of which responsible performers and terms of execution are determined, to cover all components of the national system of money laundering prevention and counteraction, namely:

• Improvement of legislation in the sphere of financial monitoring;
• Improvement of activity of subjects of state financial monitoring and other bodies;
• Increasing the efficiency of law enforcement and other state agencies;
• Ensuring transparency of information on ultimate beneficial owners of legal entities;
• International cooperation on issues of prevention and counteraction, etc.

Implementation of this government resolution will contribute to the improvement of legislation and practice of its application in compliance with international standards and introduction by Ukraine of new mechanisms of combating money laundering.