The new Anti-Money Laundering Law in Ukraine has resulted in a significant increase in the number of Designated Non-Financial Businesses and Professions (DNFBPs) under supervision by the Ministry of Finance of Ukraine for compliance with AML and Counter Terrorism Financing (AML/CTF) requirements. The list of reporting bodies includes auditors; accountants; tax consultants; real estate brokers; entities that deal in precious metals or stones; and providers of gambling services, including lottery.
Ahead of the 3rd National Risk Assessment on Money Laundering and Terrorist Financing -scheduled for 2022- the Ministry of Finance of Ukraine will be preparing the AML/CFT Sectoral Risk Assessment. With a view to supporting the national stakeholders in this endeavour, the Council of Europe organised an online workshop on AML/CFT risk assessment for DNFBPs. The workshop was attended by representatives of the Ministry of Finance and the State Financial Monitoring Service of Ukraine.
The workshop covered the conceptual and operational approach of conducting an ML/TF risk assessment for DNFBPs, with a particular focus on the gambling sector, accountants, tax advisors and auditors. Since the practical aspects of conducting such assessments was the cornerstone of the workshop, due attention was paid to guiding the participants on the use of hands-on tools including checklists to assess sectorial risks and apply risk mitigation measures tailored to specific sectors and exposures.
In view of ensuring project sustainability, and in offering comprehensive support to the Ministry of Finance of Ukraine, following the workshop the Council of Europe will make available to the Ukrainian authorities advisory support in the form of online consultations to the Ministry as it progresses in developing the sectoral risk assessments for specific categories of DNFBPs.
The mapping of sectorial risks related to DNFBPs will inform the National ML/TF Risk Assessment in Ukraine, contributing to reliable targeted mitigating actions.
This activity was organised within the framework of the Project on “Strengthening measures to counter money laundering and the financing of terrorism in Ukraine”, funded by the European Union and the Council of Europe and implemented by the Council of Europe in their Partnership for Good Governance II.