Plan is approved

The Cabinet of Ministers of Ukraine and the National Bank of Ukraine decided to adopt an action plan for 2014 for prevention and counteraction to money legalization (laundering) and terrorist financing, the press service of the Cabinet informs.

According to the Decree of the Cabinet of Ministers of Ukraine and the National Bank of Ukraine № 971 of December 25, 2013 the ministries and other central executive bodies shall sent information on the implementation of the action plan , approved this resolution quarterly till the 10th of the next month to the State Service for Financial Monitoring, submit report to the Cabinet of Ministers of Ukraine and the National Bank of Ukraine quarterly till the 25th of the following month.

The Action Plan provides the improvement of legislation in the area of prevention and counteraction to money legalization (laundering) and terrorist financing.

In turn, law enforcement authorities should continue with the detection of concealing or disguising the illicit origin of the incomes, determine the sources of their origin, location and directions of use (particularly for doing business, investment and other business or charitable activities of cash and credit transactions) as well as search, seizure and confiscation of the incomes.

In order to combat money laundering and terrorist financing in foreign economic activities they should prevent illegal transfer of funds abroad, carried out by individuals and entities through offshore zones, including the use of «shell companies», check the availability of registration and operations of foreign contractors by sharing information with the relevant authorities of foreign countries, and use international databases.

They shall continue implementing measures for detection of cyber crime and prevent money legalization (laundering) from cybercrime, and to detect and prevent illegal activity of «conversion centers» and companies with fictitious involved in the money legalization (laundering) or terrorist financing.