The provisions of this Bill (Reg. No.1268) are aimed at improvements in the current financial monitoring system and its adaptation to international standards. It envisages the extension of the financial monitoring system to embrace both, those who are directly engaged or involved in the financial or on-financial activities (postal communication operators, realtors, notaries, lawyers, auditors, etc), and those in charge of relevant regulation and supervision (Ministries of Economy, Transport and Communications, Finances, and Justice).
The Bill lays down a procedure for stopping transactions connected with funds legalization (laundry) and presumably related to terrorism funding, and envisages improvements in the operation of entities covered by the financial monitoring, as regards the recording of and reporting on suspicious transactions, client´s identification, etc.
In the opinion of the Author, the People´s Deputy H. Omelchenko, the passing of this Bill will considerably improve the legislation appertaining to the criminal income legalization and terrorism funding, thus confirming Ukraine's consistent adherence to fulfilment of its international obligations and preventing the competent International organisations from possible sanctions against Ukraine.