Kyiv, December 21 (Interfax-Ukraine) – Ukraine in February 2010 could be again included on the FATF blacklist (the Financial Action Task Force), if it does not approve a new basic profile law by December 31, according to a statement posted on the Web site of the State Committee for Financial Monitoring of Ukraine.
"In spite of the seven-year active work of the Ukrainian government and the parliament and the long-awaited approval of a new basic law by 393 people’s deputies in November 2009, Ukraine has been included in 25 countries, which have a real chance of getting outside the civilized financial world and feel the burden of fines," the statement reads.
According to the committee, the risks grew as the Ukrainian president had vetoed the new edition of a law on opposing money laundering and financing terrorism.
As reported, the Verkhovna Rada, Ukraine’s parliament, on November 6 amended the law on money laundering, significantly expanding the list of subjects to be monitored first. The Association of Ukrainian Banks called to veto the law, considering its points to contradict a number of articles of the Constitution of Ukraine.
The Ukrainian president vetoed the law on December 8. According to the head of state, the law empowers the State Committee for Financial Monitoring with too much authority to collect information. According to the president’sestimation, such authority does not meet the realistic needs for fighting economic crime and financing terrorism.
