Financial Crime World

Financial Crime Case Studies in Ukraine: Insights from Key Stakeholders

Introduction

A recent workshop hosted by the Centre for Financial Crime and Security Studies (CFCS) at RUSI brought together key Ukrainian financial institutions and authorities to discuss developments in the country’s financial system, two years after Russia’s full-scale invasion. The event aimed to prepare Ukraine for the upcoming enhanced follow-up procedure and 6th round of MONEYVAL mutual evaluation.

Strengthening Anti-Money Laundering (AML) Efforts

Ukraine continues to strengthen its AML efforts and implement EU reforms, recognizing the importance of being ready for the assessment. The workshop, held under the Chatham House Rule, gathered representatives from various Ukrainian financial institutions and authorities, including:

  • State Financial Monitoring Service of Ukraine
  • Ministry of Finance
  • Prosecutor General’s Office
  • Others

Key Takeaways

The event highlighted key issues crucial for ensuring Ukraine’s readiness for the assessment, which is part of the CFCS’ Supervising and Monitoring Ukraine’s Reconstruction Funds (SMURF) project supported by the National Endowment for Democracy. The report summarizes the main findings of the workshop and provides insights into the country’s financial crime landscape.

  • Ukraine has made significant progress in strengthening its AML regime, but there is still room for improvement.
  • Further cooperation between government agencies, law enforcement, and financial institutions is necessary to effectively combat financial crime.
  • Challenges related to inadequate resources and infrastructure hinder the ability to conduct thorough investigations and prosecutions of complex financial crimes.
  • Implementing EU anti-money laundering directives and FATF standards is crucial to ensure compliance with international best practices.

Conclusion

The workshop provided a platform for key stakeholders to share their experiences and insights on the challenges and opportunities in Ukraine’s financial system. The report provides valuable lessons for policymakers, regulators, and practitioners seeking to strengthen Ukraine’s resilience against financial crime.

By highlighting the importance of cooperation, resources, and infrastructure, this report aims to inform and support efforts to combat financial crime in Ukraine, ultimately contributing to a safer and more secure financial environment.