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Publication date: 28.05.2024
The Cabinet of Ministers Approved a Three-Year Action Plan to Prevent Money Laundering and Terrorist Financing
Introduction
In today's conditions of globalization and development of financial technologies, the issues of preventing money laundering and terrorist financing (AML/CFT) become particularly relevant. Ukraine, as a member of the international community, is obliged to adhere to generally accepted standards in this area. In order to strengthen national security and financial stability, the Cabinet of Ministers of Ukraine approved the Plan of measures aimed at preventing money laundering and terrorist financing for the next three years.
Legislative Base
The main normative legal acts regulating the issue of AML/CFT in Ukraine are the Law of Ukraine "On Prevention and Combating the Legalization (Laundering) of Criminal Proceeds, Financing of Terrorism and Financing of the Proliferation of Weapons of Mass Destruction", as well as relevant resolutions of the Cabinet of Ministers of Ukraine and instructions of the National Bank of Ukraine.
Main Objectives of the Action Plan
The approved Action Plan aims to achieve several key goals:
Improving the effectiveness of the AML/CFT system: Improving the national system for preventing money laundering and terrorist financing in accordance with international standards.
Ensuring transparency of financial transactions: Implementation of effective mechanisms for control and monitoring of financial transactions to identify suspicious transactions.
Strengthening international cooperation: Expanding cooperation with international organizations and foreign partners in the field of AML/CFT.
Raising the level of awareness and training of personnel: Conducting training programs and improving the qualifications of specialists involved in the process of preventing money laundering and terrorist financing.
Main Directions of the Action Plan
Legislative and Regulatory Changes
Improving legislation: Amending existing laws and regulations to bring them into line with the Financial Action Task Force (FATF) recommendations.
Development of new regulatory acts: Creation of new regulatory documents to improve the mechanisms of control and prevention of AML/CFT.
Technical and Organizational Support
Implementation of modern technologies: Use of the latest information technologies to monitor financial transactions and identify suspicious transactions.
Creation of specialized units: Formation of new structural units in law enforcement agencies and financial institutions that will deal exclusively with AML/CFT issues.
International cooperation
Strengthening cooperation with international organizations: Active participation in the activities of international organizations, such as FATF, Egmont Group, and other associations dealing with AML/CFT issues.
Joint operations and exchange of information: Participation in joint operations with foreign partners, exchange of information and experience to increase the effectiveness of measures against money laundering and terrorist financing. You may be interested in the following articles: lawyer's consultation, lawyer's consultation, document analysis, legal analysis of the situation, written consultation, document review by a lawyer, lawyers' documents, lawyer's help online, lawyer online, legal opinion, lawyer's legal opinion, lawyer online.
Expected results
Implementation of the Action Plan approved by the Cabinet of Ministers of Ukraine should bring the following results:
Reduction in the level of money laundering and financing of terrorism: Thanks to more effective control and monitoring of financial transactions, it is expected that cases of money laundering and financing of terrorist organizations will decrease.
Increasing trust in the financial system: Transparency of financial transactions and effective countermeasures against illegal financial flows will contribute to strengthening trust in the financial system of Ukraine on the part of foreign investors and international partners.
Strengthening national security: Preventing the financing of terrorism will contribute to strengthening national security and protecting citizens from terrorist threats.
Improving the qualifications of personnel: Conducting educational programs and trainings will increase the professional level of specialists working in the field of AML/CFT, which, in turn, will increase the efficiency of their work.
Conclusion
The Cabinet of Ministers of Ukraine's approval of the Action Plan for the next three years to prevent money laundering and terrorist financing is an important step in the fight against financial crimes. The implementation of this plan will contribute to strengthening national security, increasing the transparency of the financial system, and improving Ukraine's international image. At the same time, in order to achieve the set goals, it is important to ensure effective interaction of all involved parties, including state bodies, financial institutions and international partners.
