In the framework of the activities of the 28th Plenary Meeting of the Egmont Group of Financial Intelligence Units, which took place on July 13-14 in Riga (Republic of Latvia), the Head of the State Financial Monitoring Service of Ukraine Igor Cherkaskyi and the Director of the Financial Intelligence Unit of Luxembourg Max Braun have concluded a Memorandum of Understanding concerning cooperation in the exchange of financial intelligence related to money laundering, associated predicate offences and terrorism financing.

The key goal of the Memorandum is to strengthen and simplify the exchange of financial intelligence information between Ukraine and Luxembourg.

The Parties have agreed to cooperate to assemble, develop and analyse information in their possession concerning financial transactions suspected of being related to money laundering, associated predicate offences and terrorism financing.

The Memorandum has confirmed the confidentiality of the process of information and/or documents exchange, as well as their protection based on the relevant national legislation and on the principle of reciprocity.

For reference: Luxembourg (official name – the Grand Duchy of Luxembourg) is an important international banking center. Banking and financial services are the main type of economic activity. It occupies one of the highest places in Europe in terms of the number of banks. In turn, banks provide the largest percentage of information on suspicious financial transactions to the Financial Intelligence Unit.