Following the request from the Government Office for the Coordination of European and Euro-Atlantic Integration of Ukraine, the Project conducted an analysis of the draft legislative changes related to targeted financial sanctions. The draft bill of law was developed jointly by the Ministry of Finance, State Financial Monitoring Service, and Ministry of Economy. The analysis concluded that the proposed amendments represent a positive step towards aligning the legislative framework of Ukraine with international standards and addressing major MONEYVAL findings. Furthermore, the national authorities were advised to further extend legislative measures to strengthen compliance with FATF Recommendations 6 and 7 (targeted financial sanctions related to terrorism, terrorist financing and proliferation).

Additionally, the Project addressed another request from the Government Office, and conducted an analysis of draft legislative amendments on financial investigations. The findings of the review advised refining the proposed amendments and encouraged national authorities to consider capacity-building activities for utilizing financial investigation techniques in criminal investigations. Furthermore, the authorities were prompted to contemplate a document regulating the initiation and conduct of parallel financial investigations among relevant bodies.

These collaborative efforts underscore the commitment of the Project and Ukrainian authorities to fortify the nation's financial system through the alignment of its legislation with international standards and MONEYVAL recommendations.

This support is part of the European Union and the Council of Europe joint programme “Partnership for Good Governance”, co-funded by the European Union and the Council of Europe, and implemented by the Council of Europe, in the framework of the project “Enhancing anti-money laundering, counter terrorist financing and asset recovery regime in Ukraine”.