Yurii Drahanchuk: Preventing money laundering and the financing of terrorism is a priority for Ukraine's financial security

More than 200 Ukrainian and international experts in the field of preventing and combating money laundering, the financing of terrorism, and the proliferation of weapons of mass destruction (AML/CFT) took part in the international seminar “Legal Innovations and Modern Approaches in the Field of AML,” which was held on November 17 at the Ministry of Finance in a mixed format (online/offline).

AML (Anti-Money Laundering) is a system of measures aimed at preventing the laundering of illegal proceeds and the financing of terrorist activities. The Ministry of Finance coordinates the formation of state AML policy and has initiated a number of legislative changes in recent years, in particular regarding the strengthening of financial monitoring and transparency of beneficial ownership.

"The Ministry of Finance pays special attention to the further development of AML policy, as it is an important condition for our European integration and the foundation of national and global financial security. Today's challenges require all participants in the system to constantly improve their approaches and introduce innovations. We deeply appreciate the support of our international partners and are working to ensure that the best European practices are implemented in the Ukrainian system," emphasized Yurii Draganchuk, Deputy Minister of Finance for European Integration.

International partners – Head of the EU AML/CFT Global Facility, David Hotte, Country Director of Expertise France in Ukraine, Sofia Oliynyk, and Policy Officer in the Delegation of the EU to Ukraine, René Steiner – welcomed the participants of the event, highly praised the implementation of AML reforms in Ukraine, and confirmed the EU's readiness to continue supporting Ukraine in strengthening its financial security and harmonizing national legislation with EU law.

The seminar participants discussed the following issues:

- updated methods of criminal prosecution in money laundering cases;

- risks associated with trusts and ultimate beneficial owners of trusts;

- modern approaches to improving the effectiveness of risk-based supervision;

- modern standards of financial monitoring in the context of Ukraine's European integration.

A special Ukrainian-language publication was also presented—a synthesis of current practices on the topic: “Legal Approaches to Evidentiary Challenges in Money Laundering Prosecutions and Confiscation Proceedings,” prepared by the EU AML/CFT Global Facility in collaboration with the Siracusa International Institute for Criminal Justice and Human Rights.

The Ministry of Finance organized a seminar in cooperation with the Reforms Project Office as part of the “Architecture of Recovery and Reforms in Ukraine” programme, funded by the EBRD Multi-Donor Fund. The event was implemented with the support of the EU AML/CFT Global Facility project, funded by the European Commission and carried out by Expertise France in partnership with GIZ.