MONEYVAL publishes follow-up report on Ukraine

Strasbourg 06/09/2019
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MONEYVAL publishes follow-up report on Ukraine

In light of Ukraine’s limited progress in strengthening its framework to tackle money laundering and terrorist financing since the adoption of its mutual evaluation report in December 2017, MONEYVAL has re-rated the jurisdiction on one recently-amended Recommendation (originally rated “compliant”) to “largely compliant”. MONEYVAL encouraged Ukraine to accelerate its efforts in addressing the remaining deficiencies in view of currently pending legislative reforms.

Ukraine was placed in an enhanced follow-up process, following the adoption of its mutual evaluation report, which assessed the effectiveness of Ukraine’s anti-money laundering and counter-terrorist financing (AML/CFT) measures and their compliance with the 40 Recommendations by the Financial Action Task Force (FATF). In line with MONEYVAL’s rules of procedure, Ukraine reported back to MONEYVAL on the steps taken to strengthen its AML/CFT framework.

Given the limited progress, Ukraine did not request any re-rating at this stage. This follow-up report therefore looks at whether Ukraine has implemented new measures to meet the requirements of FATF Recommendations that have changed since the country’s 2017 mutual evaluation.

The ratings for Recommendations 2 (national cooperation and coordination, originally rated as “compliant”), 7 (targeted financial sanctions related to proliferation, originally rated as “partially compliant”), 18 (internal controls and foreign branches and subsidiaries, originally rated as “largely compliant”), the requirements of which changed since the adoption of Ukraine’s mutual evaluation report, remain unchanged. Recommendation 21 (tipping-off and confidentiality) originally rated as “compliant” was re-rated as “largely compliant”.

MONEYVAL decided that Ukraine will remain in enhanced follow-up and report back to MONEYVAL within one year on further progress to strengthen its implementation of AML/CFT measures.