Analysis of International Documents in the Field of Financial Monitoring and their Characteristics
Abstract
The system of combating money laundering, terrorist financing and financing of the proliferation of weapons of mass destruction is based on the requirements of the basic international instruments in this area, which were formed and improved in connection with irreversible processes of evolution of financial systems and crime. The purpose of this article is to analyze international documents, which form the basis of the national system of financial monitoring, their characteristics, as well as description of approaches, key principles and rules for assessing compliance with international standards in the area of prevention and counteraction. It has been established that combating money laundering as a crime that has a fairly long history is perhaps the main focus of international cooperation in the fight against crime. It has been determined that internationally, the legal basis for financial monitoring is FATF documents, the UN Convention and the Council of Europe, UN Security Council Resolutions, a number of EU Directives and other international instruments. It is emphasized that the FATF Recommendations are a modern comprehensive source on the basis of which financial monitoring systems are operating and are being developed in all countries of the world. It is proved that the FATF Recommendations Assessment Methodology and related documents are fundamental in the context of the global assessment of the implementation level of the Recommendations (from the technical point of view and in view of the effectiveness of the processes). Ukraine, as a Member State of the MONEYVAL Committee (the FATF Observer Committee), also indirectly participates in the development of draft documents adopted by the FATF. It has been emphasized that the initiative to develop any new global document (or amendments to it) will be provided on condition that it will improve the existing anti-money laundering/terrorist financing procedures and will make financial systems more transparent.
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