International standards in the system of financial monitoring of Ukraine: issues of implementation

Abstract

This article presents an analysis of issues of legal implementation of international norms, principles and standards generally accepted in developed economic countries, in particular, the countries of the European Union and the USA, into the national legal system of financial monitoring of Ukraine. The structural characteristic of the financial monitoring system inherent in any state was taken as a basis, and the authors analyzed the internal national financial monitoring system of Ukraine, its features and gradual modification. The article, through the prism of a review of the main elements of the financial monitoring system, draws conclusions about the possible results of such an implementation, as well as about the prospects for global integration trends in this area further. Following the article, it was concluded that, on the one hand, thanks to active cooperation with authoritative international organizations working in the field of Anti-money laundering and combating the financing of terrorism, the national financial monitoring system was able to rise to a new level of activity in preventing illegal income from entering the legal economy. At the same time, such cooperation was carried out to a greater extent not in a directive and administrative manner, but, in general, had a methodological and consultative nature and dealt with a fairly wide range of issues in this area. On the other hand, it is possible to make a disappointing conclusion that such work, which, of course, brought its positive results, nevertheless, was more carried out on paper, because, when trying to implement some international standards into domestic law, there were a number of difficulties. This reduces the effectiveness of the important and necessary work, which was done in the field of reforming the legal system of financial monitoring of Ukraine. In this regard, Ukraine continues to be under the scrutiny of international organizations and should continue to cooperate with them in the field of Anti-money laundering and combating the financing of terrorism.