The latest AML/CFT follow-up report to its recent round of mutual evaluation reports, the Council of Europe’s AML/CFT body is the 2nd enhanced follow-up report on Ukraine following the evaluation in 2017.  In the 2017 report, MONEYVAL highlighted a number of deficiencies in key areas.  MONEYVAL now notes the progress of Ukraine in 2 key areas – improving the criminal law provisions for the offence of terrorism financing; and enhanced sanctions for financial institutions and other entities for non-compliance with AML/CFT legislation, with Ukraine re-rated  from “partially compliant” to “largely compliant” in respect of these matters. Further steps have been taken to improve compliance with the other Recommendations, including those Recommendations that have been revised since the adoption of the MER, but some gaps remain. Ukraine is encouraged to continue its efforts to address the remaining deficiencies.  Ukraine will remain in enhanced follow-up and will continue to report back to MONEYVAL on progress to strengthen its implementation of AML/CFT measures. Ukraine is expected to report back in a year’s time.


Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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