Organisational aspects of interaction between the state financial monitoring service and primary financial monitoring entities

Анотація

In accordance with the requirements of the International Standards of the Financial Action Task Force (FATF), all FATF member countries must establish a financial intelligence unit, a national centre for processing and analysing information on suspicious transactions related to money laundering, terrorist financing and other illegal financial transactions. In Ukraine, such a centre is the State Financial Monitoring Service, which implements state policy in the field of preventing and combating money laundering, terrorist financing and financing of the proliferation of weapons of mass destruction. One of the key tasks of the State Financial Monitoring Service is to interact with the primary financial monitoring entities based on the exchange of information and fruitful cooperation. Modern realities and the armed aggression of the terrorist country against our country require changes and improvement of the organisational aspects of interaction between the primary financial monitoring entities and the State Financial Monitoring Service, and their adaptation to the needs of today. The article examines the process of establishment of the State Financial Monitoring Service and the procedures for organising its interaction with the primary financial monitoring entities. The theoretical forms of interaction and the regulatory framework for organising financial monitoring of the specified entities are analysed. It is proved that the efficiency of work and the proper level of organisation of interaction between the State Financial Monitoring Service and the subjects of primary financial monitoring affect the level of disclosure of economic crimes and, accordingly, the economic security of the State. Military actions on the territory of Ukraine have led to changes in the procedures for financial monitoring, which necessitated amendments to the legislation on financial monitoring in non-standard conditions. Further research is required to improve the organisation of financial monitoring in order to increase efficiency, flexibility, and prompt response to current challenges in order to eliminate the threat to the economic and national security of the state.

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