Financial Crime World

Here is the converted article in markdown format:

Fighting Financial Crimes: Project Makes Progress in Training and Capacity Building

KIEV, Ukraine - A major project aimed at preventing financial crimes and terrorism financing has made significant progress in the past year, with a focus on training and capacity building for law enforcement officials, judges, prosecutors, and financial institutions.

Key Achievements

According to an annual report released by the project team, the initiative has seen notable achievements in developing training toolkits on money laundering and terrorist financing investigative techniques. Specifically:

  • 40 law enforcement officers received training on these techniques
  • 30 participants were trained on terrorism financing for judges and prosecutors
  • Capacity was built among FIU staff to deliver trainings and awareness-raising activities on suspicious transaction reports (STRs) and the application of a risk-based approach

Training and Capacity Building Efforts

The project also focused on:

  • Developing training materials on terrorism financing and proliferation of weapons of mass destruction (WMDs) for financial institutions and designated non-financial businesses and professions (DNFBPs)
  • Providing training to 50 participants on these topics
  • Reviewing and analyzing existing legislation to recommend amendments in line with MONEYVAL recommendations, leading to the adoption of legislation amended reflecting outstanding MONEYVAL recommendations

Methodologies and Guidelines Developed

The project also developed:

  • A methodology for carrying out risk assessments in the banking sector
  • Sector-specific guidelines for financial institutions to effectively apply risk-based procedures

Future Plans

In the coming months, the project is expected to continue making significant strides by:

  • Reviewing and analyzing existing legislation to recommend further amendments in line with MONEYVAL recommendations
  • Developing training materials on money laundering and terrorist financing (ML/TF) and TF proliferation of WMDs for financial institutions and DNFBPs
  • Conducting workshops and training sessions on risk assessments and sector-specific guidelines for financial institutions

Project Highlights

• Developed training toolkits on money laundering and terrorist financing investigative techniques • Trained 40 law enforcement officers on ML/TF investigative techniques • Trained 30 participants on terrorism financing for judges and prosecutors • Built capacity among FIU staff to deliver trainings and awareness-raising activities on STRs and risk-based approach • Developed training materials on TF and proliferation of WMDs for financial institutions and DNFBPs • Trained 50 participants on TF and proliferation of WMDs • Reviewed and analyzed existing legislation to recommend amendments in line with MONEYVAL recommendations • Adopted legislation amended reflecting outstanding MONEYVAL recommendations • Developed methodology for carrying out risk assessments in the banking sector • Sector-specific guidelines developed for financial institutions to effectively apply risk-based procedures

Next Steps

  • Review and analyze existing legislation to recommend further amendments in line with MONEYVAL recommendations
  • Develop training materials on ML/TF and TF proliferation of WMDs for financial institutions and DNFBPs
  • Conduct workshops and training sessions on risk assessments and sector-specific guidelines for financial institutions