The Cabinet of Ministers of Ukraine expanded the powers of the Ministry of Justice of Ukraine in the field of countering money-laundering

The Cabinet of Ministers of Ukraine expanded the powers of the Ministry of Justice of Ukraine in the field of countering money-laundering

Постановлением Кабинета Министров Украины № 463 от 10.06.2020, которое вступило в силу 12 июня 2020 года, расширены полномочия Министерства юстиции Украины (далее – Минюст) в сфере противодействия отмыванию доходов, полученных…

Resolution of the Cabinet of Ministers of Ukraine No. 463 dated 10.06.2020, which entered into force on June 12, 2020, expanded the authority of the Ministry of Justice of Ukraine (hereinafter – the Ministry of Justice) in the field of countering the laundering of proceeds of crime. Among other things, the role of the Ministry of Justice will be to prevent and counteract legalization (laundering) of proceeds of crime, financing of terrorism and the financing of proliferation of weapons of mass destruction in relation to law offices, law associations and lawyers performing advocacy individually; notaries; business entities providing legal services, persons providing services for establishment, maintenance or management of legal entities.

The Ministry of Justice, within its powers, will now:

  • regulate and supervise the activities of subjects of primary financial, i.e. law offices, law associations and lawyers performing advocacy individually; notaries; business entities providing legal services, persons providing services for establishment, maintenance or management of legal entities, by conducting scheduled and unscheduled inspections, including no-entry ones;
  • provide methodological, methodical and other assistance to the above-mentioned subjects of primary financial monitoring (including recommendations and clarifications on the application of legislation in preventing and countering the legalization (laundering) of proceeds of crime, financing of terrorism and financing of the proliferation of weapons of mass destruction;
  • check whether there are professional trainings of responsible employees and organization of professional trainings of other employees of subjects of primary financial monitoring involved in primary financial monitoring;
  • inform the State Financial Monitoring Service of observance by the above mentioned subjects of primary financial monitoring of the legislation in the field of preventing and countering legalization (laundering) of proceeds from crime, financing of terrorism and financing of proliferation of weapons of mass destruction, including the violations identified and measures taken for their elimination and/or prevention in further activity.

Thus, the "newcomers", in connection with updating of the legislation on money-laundering, have received a supervising body. A regulatory framework from the Ministry of Justice which will detail the procedure for applying the aforementioned powers is on the agenda now.

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