Ukraine’s anti-money laundering legislation partially complies with the standards of the Financial Action Task Force (FATF) and international legislation, but the recommendations of the Council of Europe’s Committee of Experts on the Evaluation of Money Laundering Measures (Moneyval) still remain unfulfilled , says the European Commission.
“Further reforms are needed to improve Ukraine’s compliance with FATF standards, in particular those relating to virtual assets, ultimate beneficial ownership and supervision of non-banking enterprises and transactions,” the European Commission’s Opinion on Ukraine’s application for membership in the European Union states.
It states that for these reasons, Ukraine is still reporting to Moneyval in accordance with the enhanced control procedure.
The European Commission also pointed to the need for more progress in investigating and prosecuting major money laundering schemes.
“Establishing a comprehensive framework for combating financial crime and money laundering and ensuring its effective implementation is critical to addressing the significant risks they pose,” the Opinion notes.
With regard to the established National Agency of Ukraine for the identification, search and management of assets obtained from corruption and other crimes (ARMA), it is indicated that since the end of 2019 it has not had a permanent head.
“Legislation regarding the management of seized assets should be improved and an appropriate national strategy for the return of assets should be adopted,” the European Commission believes.
EUROPEAN COMMISSION, FATF-STANDARDS, REFORMS
