The Government has adopted a decree on the implementation of the Development Strategy for the System to Prevent Money Laundering, Funding of Mass Destruction Weapon Proliferation and Terrorism for the period till 2020

Upon request of the Ministry of Finance of Ukraine, the Government has adopted the decree “On the implementation of the Development Strategy for the System to Counteract Money Laundering, Funding of Mass Destruction Weapon Proliferation and Terrorism for the period till 2020” which sets the action plan for the Strategy implementation in the period from 2017 till 2019.

What’s it about?

To improve the effectiveness of the implementation of the state policy for financial monitoring, the Strategy was developed covering a period of three years.
The core objective is to implement a complex of measures including legal, organizational and institutional steps which shall ensure a stable and effective operation of the national system to prevent money laundering, funding of mass destruction weapon proliferation and terrorism.

The Strategy stipulates as below:

International cooperation and evaluation of the national system to prevent money laundering, funding of mass destruction weapon proliferation and terrorism;
Transparent operation of state authorities;
Measures aimed to prevent and to reduce negative impacts resulting from the risks of the system for the prevention of money laundering like:
- control over the funding of political parties;
- detection of suspicious financial transactions of national public persons;
- adjustment of the banking regulations of Ukraine to the banking norms and standards of the EU;
- preparation of proposals regarding the improvement of the effectiveness of customs and currency control operations;
- preparation of a draft law meant to implement the regulations of the EU Directive 2015/849 of the European Parliament and of the Council on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing in Ukrainian legislation;
- application of the risk-oriented approach by entities in charge for the primary financial monitoring when analyzing and detecting financial transactions;
- build-up of an effective feedback system for communication between law enforcement bodies and the State Agency for Financial Monitoring regarding the results of the examination of summarized materials by law enforcement bodies;
- enhancement of activities aimed to detect financial operations and to prosecute persons involved in terrorist financing etc.

What’s the benefit?

The above measures shall stabilize the national system to prevent money laundering, mass weapon proliferation and terrorist financing as well as ensure the further implementation of the state policy in this area.