In Ukraine, the central actor in the fight against Money Laundering and Terrorism Financing is the State Financial Monitoring Service (SFMS) that is a central executive body which implements the state AML/CFT policy in Ukraine. The Financial Intelligence Unit of Ukraine (FIU).
Among the tasks of SFMS is drawing up the proposals on improvement of legislation in the abovementioned area. They follow the Law of Ukraine «On ratification of the Council of Europe Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and the Financing of Terrorism». SFMS is the body authorised by Ukraine to perform functions of the FIU. One of the main tasks of the Service is collecting, processing and analysing of information on financial transactions. Not only the bank transactions are subject to obligatory financial monitoring but other financial business and information that might be related with suspicion of legalisation (laundering) of proceeds from crime, terrorist financing and the financing of proliferation of weapons of mass destruction. LEA´s are legitimate recipients or clients of this information or intelligence.
EU-ACT Project in Ukraine is supporting the work of SFMS to fix in some gaps detected in the 5th round of Mutual Evaluations conducted by Moneyval:
- Cooperation with FIU to provide training on analysis of financial data and financial investigations in this kind of investigations.
- Promoting networking and communication among FIU and LEA´s.
EU-ACT Project Regional Coordinator conducted an interview with the First Deputy Head of the SFMS of Ukraine Mr Igor Gaievskyi
The interview took place with the occasion of the donation of equipment and training on i2 for the SFMS last month of October. In this interview, the Deputy Head of the SFMS explained the mission and objectives of his Service. He also provides an overview of the main concerns and menaces in relation to ML in Ukraine (corruption-related crimes remains as the main predicates offences). To the question of the Regional Coordinator made a reflection about the relevance of Drug trafficking crimes in his daily work and how the cases increased in the last years. Finally, he mentioned the close and fruitful cooperation of the SFMS with EU-ACT Project.