Ukraine must improve its efforts to fight corruption and curtail money laundering by political figures and others as part of a $17 billion bailout agreement with the International Monetary Fund. Under the plan, the Eastern European nation will direct the National Bank of Ukraine to align its anti-money laundering (AML) rules with Financial Action Task Force standards by September, following the completion in July of a comprehensive analysis of the country's anti-corruption controls. As part of that process, the Ukrainian central bank NBU must require banks to verify how certain clients have gained their wealth and more closely monitor accounts...
Whatever the effectiveness of sanctions meant to sway Russia's involvement in Ukraine, one thing is certain: they've worsened the country's capital flight problem. By year's end, approximately $128 billion will have moved abroad, up from $63 billion in 2013, according to Russia's central bank.
U.S. sanctions against 17 Russian individuals and companies, including three banks and the head of one of the nation's largest energy companies, will raise more questions than answers for compliance officers.
Diplomatic tension over Ukraine has raised doubts that the United States will attend an upcoming Moscow plenary of the world's largest anti-money laundering task force, say current and former officials.
Ukraine's legal efforts to curb the funding of terrorism, including the prosecutions of terror financiers, fall short of international standards, a European anti-money laundering watchdog group said Monday.