Financial Crime World

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Boosting Anti-Money Laundering Training Resources to Strengthen Financial System in Ukraine

A significant threat to Ukraine’s financial stability, money laundering can have devastating consequences on its economy and contribute to other major crimes. To combat this menace, the Ukrainian National AML/CFT Risk Assessment (2022) highlighted the critical risks posed by trade-based money laundering.

UNODC-Led Project to Enhance Anti-Money Laundering Regime

In a bid to enhance the effectiveness of Ukraine’s national financial system in fighting money laundering, the United Nations Office on Drugs and Crime (UNODC) launched a project to support the country’s authorities in increasing their capacity to detect, investigate, and prosecute money laundering offences. Funded by the German government, this ambitious initiative aims to strengthen Ukraine’s anti-money laundering regime and contribute to its sustainable development.

Workshops and Training Materials

Under this project, UNODC organized three workshops between October and December 2023, where experts guided four national training teams from various Ukrainian institutions to develop a comprehensive curriculum on financial crime. Participants included representatives from the State Financial Monitoring Service of Ukraine, Ministry of Finance, Economic Security Bureau, National Police, and other key agencies.

The training materials produced include:

  • Lesson plans
  • Presentations
  • Scenarios
  • Exercises
  • Trainer solutions

These draft packages cover topics such as:

  • Beneficial ownership information
  • Trade-based money laundering
  • Open-source intelligence
  • Financial investigation
  • Multi-agency cooperation

Project Goals and Objectives

The project’s ultimate goal is to establish a sustainable system for professional development in anti-money laundering, enabling competent authorities to detect, investigate, prosecute, and adjudicate cases related to money laundering and terrorism financing. This will also ensure the integrity and resilience of Ukraine’s national financial system and support its efforts to strengthen rule of law and anti-corruption mechanisms ahead of its potential accession to the European Union.

Achievements and Future Plans

The project has already achieved significant results in 2023, with a focus on how these outcomes can be applied in future activities and implementation in 2024. UNODC will continue to support the practical implementation of the developed training programs.

Relevant Statute

Ukraine’s main statute setting out its anti-money laundering regime is the Law of Ukraine on Prevention and Counteraction of Laundering of Proceeds of Crime, Financing of Terrorism, and Financing of the Proliferation of Weapons of Mass Destruction (AML Law).