Best practices in financial investigations: SFMS held an international seminar with the support of EUACI

On November 18, 2021, the State Financial Monitoring Service of Ukraine (SFMS) hosted an international seminar on "Financial investigations involving the offshore component, trusts, virtual assets and public figures", organized with the support of the EU Anti-Corruption Initiative in Ukraine (EUACI).

Last week the New York Times published an article describing Ukraine's ambitions to become the crypto capital of the world. Moreover, the Ukrainian parliament has recently passed a law on Cryptocurrency, which provides comprehensive regulation of legal relations arising in connection with the circulation of virtual assets in Ukraine. Being a crypto capital might bring economic progress. But it might also lead to new opportunities for money launderers, terrorists, and mobsters. And, thus, create more challenges for Ukraine. That is why it is essential to bring the best international practices on financial investigations to Ukraine.

During the seminar, an international specialist on combating money laundering and terror financing Mr. Yehuda Shaffer presented the trends in financial investigations involving PEPs and trusts. He also spoke about the peculiarities of using integrated corporate structures to conceal CBV in money laundering schemes. Particular attention was paid to the issue of attracting virtual assets to conceal criminal proceeds. The participants also got acquainted with the general practice of conducting NABU financial investigations using analytical products (IT systems).

Representatives of the state institutions including the EUACI’s core partners attended the seminar: the SFMS, the National Anti-Corruption Bureau of Ukraine (NABU), the Asset Recovery and Management Agency (ARMA), the High Anti-Corruption Court (HACC), the Specialised Anti-Corruption Prosecutor’s Office (SAPO), the National Agency on Corruption Prevention (NACP) and the State Bureau of Investigation.

The EU Anti-Corruption Initiative will continue fruitful cooperation with the SFMS to strengthen the institution’s capacity to counter money laundering and terrorist financing.