The EU Council’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) stated this in its latest report released on Friday, an Ukrinform correspondent reported.
“MONEYVAL notes the progress of Ukraine in two key areas: improving the criminal law provisions for the offence of terrorism financing; enhanced sanctions for financial institutions and other entities for non-compliance with AML/CFT legislation,” reads the report.
MONEYVAL has examined a range of legislative, regulatory and institutional measures implemented by Ukraine to address these deficiencies.
Due to the positive steps taken by Ukrainian authorities, MONEYVAL transferred Ukraine to higher international compliance ratings in the abovementioned areas; they have been re-rated from “partially compliant” to “largely compliant”.
At the same time, MONEYVAL has not accepted the request of Ukraine to upgrade its ratings in four other areas: financial sanctions related to terrorism; financial sanctions related to proliferation; regulation and supervision on non-financial professions; maintenance of national statistics on AML/CFT.
In addition, according to the report, Ukraine has achieved full compliance with eleven of the 40 FATF Recommendations constituting the international AML/CFT standard.
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