The Government has adopted Action Plan in the Area of Prevention and Counteraction to the Legalization (Laundering) of the Proceeds of Crime, the Financing of Terrorism and the Financing of Proliferation of Weapons of Mass Destruction for the Period until 2026

On 27 December 2023 the Cabinet of Ministers of Ukraine, in accordance with the Law and the FATF Standards, approved Action Plan aimed at preventing the occurrence and/or reducing the negative consequences of risks identified as a result of the Third National Risk Assessment in the of prevention and counteraction to the legalization (laundering) of the proceeds of crime, the financing of terrorism and the financing of proliferation of weapons of mass destruction, for the period until 2026 (hereinafter – Action Plan).

The Action Plan has been developed by the State Financial Monitoring Service of Ukraine together with the Ministry of Finance of Ukraine and other stakeholders, based on the results of the Third National Risk Assessment in the AML/CFT area.

The Action Plan contains a set of institutional, legislative, organizational and practical measures to improve the national system of prevention and counteraction in accordance with international standards and the system of strategic planning in this area, aimed at:

effective risk management in the system of prevention and counteraction;

effective development and implementation of state policy in the area of prevention and counteraction in accordance with global standards;

bringing the national system of prevention and counteraction in line with the international standards;

improvement of information technologies, effective cooperation and information exchange between state bodies, as well as with competent bodies of foreign states and international organizations in the specified area;

continuous methodological support of the reporting entities’ activities and providing feedback to them;

innovative solutions for the advanced training of specialists in the area of prevention and counteraction;

enhancing cooperation with the private sector and the public.

The Action Plan contains measures conventionally divided into five groups with the aim of covering all components of the national prevention and counteraction system, namely:

improvement of the legislation in the area of prevention and counteraction and its adaptation to the international standards;

increasing the effectiveness of law enforcement and other state bodies;

coordination of the system of prevention and counteraction;

interaction with the reporting entities, non-profit organizations and the public;

international cooperation.

In each activity, relevant risks are identified based on the results of the National Risk Assessment, responsible authorities for their implementation, deadlines, performance indicators, and expected outcomes.

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