The Parliament Approves Law on Financial Monitoring
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Introduction of International Financial Reporting Standards
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Introduction of International Financial Reporting Standards
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Financial Monitoring
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Legislation
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Regulatory Activity
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- The activity plan for the preparation of the regulatory acts draft 2024
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- The activity plan for the preparation of the regulatory acts draft 2022
- Schedule of measures to monitor the effectiveness of regulatory acts 2023
- Reports on the effectiveness of regulatory acts 2022
- The activity plan for the preparation of the regulatory acts draft 2022
- Schedule of measures to monitor the effectiveness of regulatory acts 2022
- Reports on the effectiveness of regulatory acts 2020
- The activity plan for the preparation of the regulatory acts draft 2021
- Schedule of measures to monitor the effectiveness of regulatory acts 2021
- Reports on the effectiveness of regulatory acts 2020
- The activity plan for the preparation of the regulatory acts draft 2020
- Schedule of measures to monitor the effectiveness of regulatory acts 2020
- Reports on the effectiveness of regulatory acts 2019
- The activity plan for the preparation of the regulatory acts draft 2019
- Schedule of measures to monitor the effectiveness of regulatory acts 2019
- Reports on the effectiveness of regulatory acts 2018
- The activity plan for the preparation of the regulatory acts draft 2018
- Schedule of measures to monitor the effectiveness of regulatory acts 2018
- Reports on the effectiveness of regulatory acts 2017
- The activity plan for the preparation of the regulatory acts draft 2017
- Schedule of measures to monitor the effectiveness of regulatory acts 2017
- Reports on the effectiveness of regulatory acts 2016
- The activity plan for the preparation of the regulatory acts draft 2016
- Schedule of measures to monitor the effectiveness of regulatory acts 2016
- Reports on the effectiveness of regulatory acts 2015
- The activity plan for the preparation of the regulatory acts draft 2015
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Draft Regulatory Acts Discussion
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Regulatory Activity
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Data
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On November 1, the Parliament of Ukraine approved the Law of Ukraine “On Prevention and Counteraction to Legalization (Laundering) of Proceeds from Crime, Financing Terrorism and Financing the Proliferation of Weapons of Mass Destruction” (2179) in the first reading.
The law aims to improve the effectiveness of the anti-money laundering and counter-terrorism financing system by implementing international standards.
The law establishes in national law the FATF Recommendations and the 4th and 5th EU Directives on Anti-Money Laundering and Counter-Terrorist Financing, which are already in place in all EU Member States and are binding on potential candidates (including Ukraine).
Adoption of this law is part of Ukraine's international commitments within the EU-Ukraine Association Agreement, as well as the Memorandum of Understanding between Ukraine and the EU ratified in November last year, which will not only reach a new level of quality of the financial monitoring system but also provide an opportunity to obtain the second tranche of EU Macro-Financial Assistance of EUR 500 million.
Adoption of the law will ensure:
- focus on the highest risks, threats, and vulnerabilities. This includes the shift to risk-oriented approach and the case reporting on suspicious transactions made by clients of initial financial monitoring entities,
- permission to use the results of due diligence carried out by another initial financial monitoring entity,
- an increase in the number of financial transactions subject to mandatory financial monitoring (from UAH 150,000 to UAH 400,000) while reducing the number of criteria of such financial transactions (from 17 to 4),
- creation of a transparent instrument for prosecution for such violations,
- determination of fine for large-scale and systemic violations.
- reducing the costs of banks and financial institutions for reporting on financial transactions through the automative process of information provision and reduction of frequency of information,
- improvement of the disclosure procedure for final beneficial owners.