On May 12, the Cabinet of Ministers of Ukraine adopted the Regulation «On approving the Main directions of the development of the system for preventing and counteracting to legalization (laundering) of the proceeds from crime, financing of terrorism and financing of proliferation of the weapons of mass destruction in Ukraine for the period untill 2023 and the action plan for their implementation».

These directions determine the main aspects and key trends of public policy in terms of legislative, practical, organizational and institutional improvement of the national financial monitoring system in accordance with international standards.

In addition, the Regulation approved the action plan designed to implement the provisions of the Law No. 361 and the updated international standards in the area of preventing and counteracting to legalization (laundering) of the proceeds from crime, financing of terrorism and financing of proliferation of the weapons of mass destruction, as well as minimizing risks and threats of using the national financial system for money laundering and financing of terrorism.

This plan provides for a range of actions aimed at:

-       developing legislation in the area of preventing and counteracting to legalization (laundering) of the proceeds from crime, financing of terrorism and financing of proliferation of the weapons of mass destruction;

-       improving activities of the state financial monitoring entities and other authorities;

-       improving efficiency of law enforcement and other state authorities’ activities;

-       strengthening international cooperation.

As the Head of the SFMS Igor Cherkaskyi noted: «The main vectors of our further work are approved. It is necessary to work prudently and effectively together with the interested state authorities and institutions to achieve the goals set by the Government».

Also, the Regulation entrusts the ministries and other central executive authorities to submit to the SFMS information on the execution of the action plan for the implementation of the Main directions, in order to summarize and submit a report to the Cabinet of Ministers of Ukraine every six months.

________________________________________________