MONEYVAL noted the AML/CFT progress of Ukraine
MONEYVAL published the 2nd Follow-up report of Ukraine within the 5th round of mutual evaluations.
Ukraine became one of the first MONEYVAL countries that reported on their progress to MONEYVAL virtually under the so-called “written” procedure due to the pandemic COVID-19 and restrictions imposed in this regard.
The results achieved in the second Follow-up report have been preceded by coordinated and productive work of the Government and the Parliament, which led to the adoption of a new profile Law, which implements the norms of the main international AML/CFT obligations of Ukraine.
It’s an important indicator for Ukraine to increase the rating of compliance and to achieve positive assessment of compliance with FATF Standards regarding Recommendation 5 and Recommendation 35.
International experts’ outcomes noted that Ukraine has largely implemented counter-terrorist financing rules, as well as increased sanctions for breaches the AML/CFT legislation, having identified them as appropriate, dissuasive and deterrent.
At the same time, MONEYVAL continues to monitor Ukraine in terms of improvement the ratings in the following directions:
new technologies (Recommendation 15);
targeted financial sanctions related to terrorism & terrorist financing (Recommendation 6);
targeted financial sanctions related to proliferation (Recommendation 7);
regulation and supervision of DNFBPs (Recommendation 28);
national statistics in AML/CFT area (Recommendation 33).
As the Head of the SFMS Igor Cherkaskyi noted: «The successful approval of the 2nd Follow-up report, despite the restrictions caused by COVID-19, is the result of a purposeful and irreversible course of Ukraine to the highest international AML/CFT standards».
The text of the 2nd Follow-up report can be found at the following links:
Ukrainian version (unofficial translation).
________________________________