Ukrainian govt approves development strategy for countering money laundering

The Ukrainian government has approved the development strategy for preventing and countering legalization of proceeds from crime (money laundering), terrorism financing and financing of proliferation of weapons of mass destruction for the period until 2020.

Relevant decree of the Cabinet of Ministers No. 1407-r was passed on December 30, 2015, the government website reported on Monday, January 11. The document came into force on January 1.

The goal of this strategy is legislative, organizational and institutional development and provision of the stable operation of the national system of prevention of and counteraction to the legalization of proceeds from crime (money laundering), terrorism financing and financing of proliferation of weapons of mass destruction.

It is expected that the implementation of the strategy will allow ensuring the systematic implementation of the state policy in the field of preventing and combating the laundering of proceeds from crime, terrorism financing and financing of proliferation of weapons of mass destruction in line with international standards; the harmonization of the national system of prevention and combating money laundering and terrorism financing and financing of proliferation of weapons of mass destruction with the international standards; and reducing corruption.

Furthermore, the objectives of the strategy include an effective cooperation and constant information exchange with the executive authorities, other government agencies which are subject to the state financial monitoring, as well as with the competent authorities of foreign states and international organizations in this area.

The strategy also envisages the transparent and effective use of the state budget; promoting foreign investments into the national economy; filling the revenue part of the budget; promotion of the liberalization of the EU visa regime for Ukrainian citizens.

The Cabinet has instructed the State Service for Financial Monitoring, together with other executive authorities to annually develop and submit by December 1 for government approval an action plan to implement the strategy approved by this decree.