The Government adopted the Action plan for 2017-2019 on implementation the Strategy for development AML/CFT system for the period up to 2020

On August 30, 2017, the Cabinet of Ministers of Ukraine on the submission of the Ministry of Finance of Ukraine adopted the Action plan for 2017-2019 on implementation the Strategy for development AML/CFT system for the period up to 2020 (hereinafter – the Action plan).

The Action plan has been drafted by the State Financial Monitoring Service of Ukraine as a result of the first National AML/CFT risk assessment conducted in 2016.

In accordance with the legislation, the National risk assessment is conducted at least once every three years. Thus, the Action plan is also formed for a period of three years and aims at:

-         - achieving of a stable and effective functioning of the national financial monitoring system;

-         - developing of international cooperation and exchange of information with the competent authorities of foreign states in the AML/CFT area;

-        - establishing requirements for the transparency of activities of state authorities involved in the AML/CFT area;

-        - introducing of application of a risk-based approach in course of AML/CFT supervision;

-         - improving of the system of the initial detection of suspicious financial transactions;

-         - enhancing of interaction of law enforcement agencies with the SFMS;

-        - increasing the efficiency of the investigation of crimes related to the legalization (laundering) of proceeds from crime, terrorist financing, financing of proliferation of weapons of mass destruction, as well as organized crime.

The Head of the SFMS Igor Cherkaskyi emphasized that the implementation of the Action plan would minimize the identified ML/FT risks and reduce the consequences of their manifestation. Moreover, the implementation of the Action Plan will consolidate all participants of the national financial monitoring system and will be coordinated by the SFMS permanently.