Ukraine
Last updated: 19/02/2007The Government of Ukraine approved draft money laundering legislation and sent it to Parliament for approval.
The Act, "On Prevention of and Counteraction against Legalization (Laundering) of Proceeds from Crime", would amend their existing anti money laundering legislation to include lawyers and notaries, under the supervision of the Ministry of Justice.
The suggested amendments would also allow lawyers to suspend suspected money laundering transactions for two business days and to require them to notify the Financial Intelligence Unit (FIU), who would be authorized to suspend the transaction for an additional five working days. Client and beneficial ownership identification standards would also be imposed. Non compliance would be punishable by a fine.
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Sources
Law “On Prevention of and Counteraction against Legalization (Laundering) of Proceeds from Crime” No. 249-IV of 28.11.2002, as amended; Resolution of the Cabinet of Ministers “On 40 FATF Recommendations” No. 1124 of 28.08.2001.
