The EU agency MONEVAL has confirmed that the Ukrainian government has made the progress on improving the criminal provisions for offences relating to terrorist financing and enhanced sanctions for financial institutions and other entities for non-compliance with AML/CFT legislation to “largely compliant”.
However, MONEYVAL has not noted any progress on financial sanctions related to terrorism, financial sanctions related to proliferation, regulation and the supervision of non-financial professions, and maintenance of national statistics regarding AML/CFT.
MONEYVAL has also reviewed Ukraine’s progress made on the regulation of virtual assets. MONEYVAL’s report was saying that despite the progress made the deficiencies are remaining. On virtual asset matters, MONEYVAL has downgraded Ukraine from being “largely compliant” to “partially compliant”.
Based on the last MONEYVAL’s review, the EU agency has decided to continue applying the enhanced follow-up process of review.
Overall, Ukraine is fully compliant with 11 out of 40 FATF recommendations.
MONEYVAL conducted its last review in August 2020.
Eltoma Corporate Services is providing a range of services relating to AML/CFT checks for clients and partners in various parts of the world.