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Ukraine in the International System to Combat Money Laundering and Terrorist Financing

100%

Butkevich S.

Internal Security

2011

vol. 3(1)

171-181

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. It 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.

Combat Against Legalization of the Income Generated as a Result of Criminal Activities (CIS Data)

100%

Butkevich S.

Internal Security

2010

vol. 2(1)

29-38

The article studies problematic issues of illegal income legalization or money-laundering which law-enforcement and financial organs in the CIS countries confront. Not only the CIS but the whole civilized world is struggling with legalization (money-laundering) of the income generated as a result of crime activities. According to the International Monetary Fund, the total sum of “dirty” money currently circulating in the world amounts between 500 billion and 1.5 trillion American dollars which conforms due to different estimates 2–5 % of the world gross domestic product. The article studies problems concerning prevention and combating legalization (money-laundering) of the income generated as a result of criminal activities which law-enforcement and financial units come across in the CIS countries. The author focuses on establishing the definition of this socially negative phenomenon which forms an essential part of illegal activities of organized crime.Both common and specific characteristics of the battle against money- and other property laundering generated as a result of criminal activities which are typical for the CIS countries are presented here. Legalization of the income generated as a result of criminal activities (money-laundering) is a component of any criminal activity and an important part of the criminal economical circle. The combat against legalization of the illegal income includes research, exposure and neutralization of the financial component in the activities of organized groups and criminal organizations. Moreover, effective ways of fighting that type of crime are suggested based on analyses of the law currently in force, practical work of financial intelligence units, and scientific research.

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2 Internal Security

2 Butkevich S.

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1 2010

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Ukraine in the International System to Combat Money Laundering and Terrorist Financing

Combat Against Legalization of the Income Generated as a Result of Criminal Activities (CIS Data)