The investigation of the State Financial Monitoring Service of Ukraine (FIU) was recognized as the best at a prestigious competition.
From September 24 to 27, the FIU representatives took part in a Plenary meeting of the Egmont Group of Financial Intelligence Units held in Sydney, Australia. During the meeting the results of the “Best Egmont Case Award” were presented. Ukraine became the finalist of the contest for the first time.
The case-winner concerned the multistage and unprecedented complexity by its complexity investigation of corruption and money laundering by former Ukrainian high-ranking officials.
During the conducted financial investigation, FIU has analyzed more than 600 statements of bank accounts (among which more than 300 bank accounts had been opened abroad) and information received from 12 foreign FIUs (in particular, under the auspices of World Bank StAR Initiative). Following the results of the analysis, it was established the global money legalization scheme involving more than 1000 business entities.
Financial transactions, conducted with the participation of a number of such companies, were the final stage of the scheme, which consisted of investing a significant amount of funds (about USD 1.4 billion) in Ukraine through the purchase of debt, depositing funds, and also the purchase of shares in Ukrainian enterprises.
Alongside this, during parallel investigations, separate chains of the assets movement were detected, which were controlled by ex-high-ranking officials.
Thanks to the active interagency and international cooperation of the FIU of Ukraine it has been established that the process of withdrawal of funds from Ukraine and their “investing” in Ukraine, were managed from a single management centre with the assistance of a large number of shell companies. The signs of the functioning of the international professional “platform” for money laundering with billions of turnover, which provided services to other entities were also revealed.
Thus, the scheme of money laundering has been disclosed, funds in the amount of equivalent to USD 1.45 billion were seized, a part of which became the object of confiscation to the State’s revenue in 2017.
For reference:
The Egmont Group of Financial Intelligence Units is a united body of 155 Financial Intelligence Units (FIUs) from around the world. The Egmont Group Committee serves as a consultation and coordination mechanism for the Heads of FIUs and Working groups. The Egmont Group members have the opportunity to exchange information on financial investigations, experience, and opportunities to combat legalization (laundering) of the proceeds from crime, terrorist financing, and the financing of proliferation of weapons of mass destruction.
