Internal Security Volume: 3 Issue: 1 Dated: January - June 2011 Pages: 155-165
The article discusses the problematic issues of creating an effective system of prevention and counteraction to the legalization (laundering) of proceeds from crime and terrorist financing in Ukraine.
The study also analyzes the basic concepts and categories that are used in the current legislation, describes the preconditions creation and development of anti-money laundering system of Ukraine, and defines certain prospects of its further improvement. A study of a system of financial monitoring, which includes the subjects of state and initial financial monitoring is presented, as well as a policy of mandatory and internal financial monitoring. Financial monitoring is defined as a particular form of financial control that is conducted by authorized bodies and aims to identify the transactions related to legalization (laundering) of proceeds from crime and terrorist financing. Specific tasks and functions of the State Committee for Financial Monitoring of Ukraine are highlighted as it is the central executive body with special status for financial monitoring, which plays a coordinating role in anti-money laundering activities. Main attention is paid to proposals on improving the efficiency of cooperation between the financial intelligence unit and law enforcement and other government agencies in the area of prevention and counteraction to the legalization (laundering) of proceeds from crime and terrorist financing. In particular, the article analyzes the procedure informational cooperation, work on synthesis and grounds to involve officials of the controlling bodies to work in investigative and operational teams. (Published Abstract)