Ukraine is defined a reliable jurisdiction in terms of combating activities that include funding terrorism. This was mentioned in the recently released report by MONEYVAL, the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures. The entity decided that the Ukrainian institutions do not need more checks by the EU. National Bank of Ukraine reported that quoting the document released via the press service of MONEYVAL.
‘MONEYVAL acknowledged that there is strong political commitment in Ukraine to prevent and combat money laundering and terrorism financing (ML/FT), and the measures undertaken have already had a positive effect. However, new legal provisions are required to render more dissuasive sentences for the crimes, more resources are needed, and high-level cases are to be investigated and prosecuted more actively… The Ukrainian authorities demonstrate a reasonably good understanding of ML/FT risks. However, understanding could be enhanced in such areas as cross-border risks and risks posed by the non-profit sector and legal persons. Besides, more robust statistics should back up the risk analysis. As far as terrorism financing is concerned, Ukraine has introduced it as a separate offence and is putting a system in place for countering it. However, there are still technical deficiencies that need to be addressed to bring the framework in line with international standards’, the report says.
Due to the evaluation of the country’s monitoring regime, Ukraine was ranked equally with that of the U.S., Canada, Australia, Sweden, Switzerland and Denmark.