New government regulations on financial monitoring have been adopted
At the meeting on August 5, 2020, the Cabinet of Ministers of Ukraine has adopted a number of regulations aimed at implementing the requirements of the new Law of Ukraine «On Preventing and Counteracting to Legalization (Laundering) of the Proceeds from Crime, Financing of Terrorism and Financing of Proliferation of Weapons of Mass Destruction». The Ministry of Finance of Ukraine together with the SFMS with the relevant stakeholders took part in the development of these regulations.
Thus, in order to implement the legislation in the AML/CFT area according to the requirements of the 33rd FATF Recommendation, the Government resolution has approved the Procedure for forming and publication of comprehensive administrative reporting in the AML/CFT area.
In addition, the Government has approved the resolution of the Cabinet of Ministers of Ukraine and the National Bank of Ukraine On approval the Procedure for collecting, processing and analysing information concerning the results of activity of reporting entities, other state authorities of prevention and counteraction system, approval and publication of the results of the national risk assessment and implementation of measures following its results.
Also, the resolution «On approval of the Procedure for forming a list of states (jurisdictions), that don’t implement or improperly implement the recommendations of international, intergovernmental organizations involved in the area of combating to legalization (laundering) of the proceeds from crime, financing of terrorism and financing of proliferation of weapons of mass destruction» was adopted. The implementation of the resolution will ensure compliance with international standards in the AML/CFT area, in particular the 19th FATF Recommendation.
Previously, in pursuance of the requirements of the new Basic Law, the Government has adopted:
- Resolution of the Cabinet of Ministers of Ukraine as of July 22, 2020 № 622 «On approval of the Procedure for forming the list of persons related to terrorist activity or persons to whom international sanctions were applied»;
- Resolution of the Cabinet of Ministers of Ukraine as of July 22, 2020 № 627 «Some issues of the Unified State Information System in the area of prevention and counteraction to legalization (laundering) of proceeds from crime, financing of terrorism and financing of proliferation of weapons of mass destruction»;
- Resolution of the Cabinet of Ministers of Ukraine as of July 29, 2020 № 653 «On amendments to the Regulation on the State Financial Monitoring Service of Ukraine»;
- Resolution of the Cabinet of Ministers of Ukraine as of July 29, 2020 № 654 «On amendments to some resolutions of the Cabinet of Ministers of Ukraine».