The Council of Europe´s anti money laundering and counter terrorist financing body MONEYVAL has published two follow up reports assessing the progress made by Ukraine and the United Kingdom Crown Dependency of Isle of Man in implementing its recommendations.
MONEYVAL finds that Ukraine has made limited progress since the adoption of its mutual evaluation report in December 2017 and encourages the country to accelerate its efforts in addressing the remaining deficiencies in view of currently pending legislative reforms. It has re-rated the country on the recently amended Recommendation 21 on tipping-off and confidentiality, originally rated “compliant”, to “largely compliant”.
Overall, the Isle of Man has made progress in addressing the technical compliance deficiencies identified in its 5th Round mutual evaluation report in December 2016. MONEYVAL has re-rated as “compliant” four recommendations: three recommendations on record keeping, politically exposed persons and reliance on third parties originally rated as “largely compliant” and one recommendation on transparency and beneficial ownership of legal arrangements originally rated as “partially compliant”.
MONEYVAL decided that both Ukraine and the Isle of Man will remain in enhanced follow-up and should report back to MONEYVAL within one year on further progress to strengthen their implementation of anti-money laundering and counter terrorist financing measures.
