The Ministry of Finance of Ukraine has developed Sectoral Risk Assessment reports for the non-financial sectors under its supervision. The reports are a practical tool for the private sector to understand money laundering and terrorist financing risks and to fine-tune internal systems, enabling businesses to identify and respond to risks in a timely and effective manner. The Council of Europe supported the Ministry in presenting the reports at a dedicated event.
The presentation attracted considerable interest from the private sector, with more than 260 participants joining the event online. It gathered representatives of the gambling and lottery businesses, auditors, accountants, tax advisors, real estate professionals, traders in precious metals and stones, as well as those involved in the trade in cultural property and brokering such trade. These are all the sectors supervised by the Ministry of Finance, and each of them is covered by a dedicated assessment.
The event also provided a platform for continuing the dialogue between the Ministry and the private sector, which is an important prerequisite for strengthening the national anti-money laundering and counter-terrorist financing system.
“Sectoral assessments are useful both for the state and for businesses, as they reveal the vulnerabilities in each sector and help identify practical measures to reduce risks. In the conditions of the full-scale war, effective financial monitoring is an important component of financial and national security,” noted Mr Yurii KONIUSHENKO, Director of the Department for Coordination and Monitoring Support of the Ministry of Finance of Ukraine.
The results of the sectoral risk assessments will further inform both the National Risk Assessment and the business-wide risk assessments of the reporting entities, contributing to preventing de-risking in the relevant sectors.
This event is part of the European Union and the Council of Europe joint programme “Partnership for Good Governance”, co-funded by the European Union and the Council of Europe, and implemented by the Council of Europe, in the framework of the project “Enhancing anti-money laundering, counter terrorist financing and asset recovery regime in Ukraine”.