Europe chided Ukraine for its lack of activity in the fight against money laundering
The Council of Europe's anti-money laundering and counter-terrorist financing body MONEYVAL published a report pointing out the insufficient progress made by Ukraine in implementing its recommendations, a PolitNavigator correspondent reports.
“MONEYVAL believes that Ukraine has made limited progress since the adoption of its mutual evaluation report in December 2017, and calls on the country to intensify its efforts to address remaining shortcomings in view of currently anticipated legislative reforms,” the report said.
It is noted that MONEYVAL has changed its rating for Ukraine, in accordance with the recently amended Recommendation 21 on warning and privacy, from the original “compliant” to “substantially compliant”.
“Recommendation Ratings 2 (national cooperation and coordination, initially rated “compliant”), 7 (proliferation-related targeted financial sanctions, initially rated “partially compliant”), 18 (internal controls and foreign affiliates and subsidiaries, initially rated as “Substantially compliant”), the requirements of which have changed since the adoption of the mutual evaluation report of Ukraine, remain unchanged. Recommendation 21 (disclosure and confidentiality), originally rated as “appropriate,” was re-rated as “substantially compliant,” the report said.
Europe has criticized Ukraine for its lack of action in combating money laundering.