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Ukraine deleted from the FATF's "black list"
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04 November 2011
With a view to creating a positive image of our banking system as a reliable business partner with a sound business reputation and removing Ukraine from the “black list” of an international organization on counteraction to money laundering and terrorist financing, the National Bank of Ukraine has taken all the necessary measures falling within its competence.
The joint efforts made by the State Committee for Financial Monitoring of Ukraine and the National Bank of Ukraine and other government authorities resulted in the FATF’s decision of 28 October 2011 to delete Ukraine from the FATF’s “black list”, indicating that the international community has enhanced confidence in Ukraine and the conditions under which Ukrainian banks operate in world financial markets have eased.
In particular, the National Bank of Ukraine has participated in the elaboration of the draft law “On Introducing Amendments to the Law of Ukraine “Prevention and Counteraction to Legalization (Laundering) of the Proceeds from Crime or Terrorist Financing” adopted by the Verkhovna Rada of Ukraine on 18 May 2011. The above-mentioned Law eliminated inconsistencies between the Ukrainian legislation and international standards in this field by introducing an appropriate identification of consumers of financial services, in particular, disclosing information about clients (natural persons) falling into the category of public officials of foreign states and persons related to them.
“The National Bank of Ukraine has not only contributed to bringing the domestic legislation into compliance with the FATF’s standards and requirements, but also made efforts to implement them into the NBU regulations,” stressed Ihor Sorkin, Deputy Governor of the National Bank of Ukraine.
In addition, in order to ensure the banks’ compliance with the requirements of this Law the Board of the National Bank of Ukraine adopted the Resolution “On Introducing Amendments to the Regulations on Conducting Financial Monitoring by Banks” of 31 January 2011, which sets forth the corresponding requirements with regard to the internal procedures and documents of banks on the issues related to financial monitoring, including with regard to tailor-made electronic questionnaires.
According to the FATF’s decision, Ukraine is no longer subject to FATF’s monitoring and will continue working with the Council of Europe Select Committee of Experts on the Evaluation of Anti-Money Landering Measures (MONEYVAL).
Source: National Bank of Ukraine
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