The State Financial Monitoring Service of Ukraine for the next round of the National Risk Assessment, scheduled for 2022, taking into account the requirements of the updated FATF Recommendations, analysis of the world experience of conducting the National Risk Assessments on Money Laundering, Financing of Terrorism and Financing of Proliferation of Weapons of Mass Destruction, has updated the Methodology of the National Risk Assessment on Money Laundering and Financing of Terrorism in Ukraine.

Updates to this Methodology include, in particular:

- features of terrorism financing risk assessment;

- improvement of the risks assessment mechanism for using non-profit organizations and various organizational and legal forms of legal entities for the purpose of money laundering and financing of terrorism;

- features of risk assessment for the use of virtual assets and VASPs for the purpose of money laundering and financing of terrorism;

- improvement of the recommendations for the state financial monitoring entities on conduction of a sectoral risk assessment of supervised reporting entities;

- determination of the risk assessment mechanism for financing of proliferation of weapons of mass destruction in Ukraine.

The updated Methodology was agreed with the Ministry of Finance of Ukraine in accordance with the law and approved on November 30, 2021 at the 12th meeting of the AML/CFT Council.

The Methodology can be found on the official website of the SFMS in Ukrainian.

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