Ukraine continues to be in MONEYVAL’s enhanced follow-up process due to AML/CFT deficiencies


The Council of Europe’s AML authority MONEYVAL recently conducted its follow-up review of Ukraine. The purpose of the review was to evaluate the actions that Ukrainian authorities have taken to improve the country’s AML/CFT framework since the adoption of MONEYVAL’s mutual evaluation report in December 2017.

Ukraine has been on MONEYVAL’s enhanced follow-up procedure because of numerous deficiencies that the authority had found previously. Presently, Ukraine has shown significant progress in improving the criminal law provisions for TF and increasing sanctions for AML/CFT non-compliance. In these two areas, the follow-up report has now ranked Ukraine “largely compliant”. Previously, the country was ranked “partially compliant” in these areas.

Despite some progress, there are still deficiencies in Ukraine’s AML/CFT framework due to which MONEYAL has placed Ukraine back in the enhanced follow-up process. This gives the country another year to strengthen its policies.