Recent legislative, regulatory and bureaucratic initiatives to increase anti‐money laundering efforts in Ukraine

Introduces the status of money laundering control in Ukraine: in 2001 the country was placed on the list of Non‐Cooperative Countries and Territories by the Financial Action Task Force, and the authorities pledged to intensify their enforcement efforts. Outlines the new Criminal Code and its comprehensive anti‐money laundering legislation, which has been accompanied by establishment of a new State Department of Financial Monitoring which is responsible for all anti‐money laundering implementation, and intensified efforts by the National Bank of Ukraine and other existing agencies; despite this, Ukraine will remain on the list until effective implementation is judged to have occurred.