The Council of Europe’s body MONEYVAL has published a new report reviewing the efforts of Ukraine to improve its anti-money laundering and countering the financing of terrorism (AML/CFT) measures since the adoption of its mutual evaluation report in December 2017.
Due to the high number of deficiencies identified in several key areas, Ukraine has been reporting to MONEYVAL under an enhanced follow-up procedure. MONEYVAL has examined a range of legislative, regulatory and institutional measures implemented by Ukraine to address these deficiencies.
MONEYVAL notes the progress of Ukraine in two key areas:
- Improving the criminal law provisions for the offence of terrorism financing;
- Enhanced sanctions for financial institutions and other entities for non-compliance with AML/CFT legislation.
The positive steps by Ukrainian authorities have prompted MONEYVAL to assign Ukraine higher international compliance ratings in the above mentioned areas; they have been re-rated from “partially compliant” to “largely compliant”. MONEYAL decided that Ukraine will remain in the enhanced follow-up process. It is to report back to MONEYVAL in one year’s time, on further progress to strengthen its implementation of AML/CFT measures.
The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) is a monitoring body of the Council of Europe entrusted with the task of assessing compliance with the principal international standards to counter money laundering and the financing of terrorism and the effectiveness of their implementation, as well as with the task of making recommendations to national authorities in respect of necessary improvements to their systems.