The specialty of functioning of the financial monitoring system in Ukraine
Journal Title: Економіка. Фінанси. Право - Year 2019, Vol 4, Issue
Abstract
Stability development of the economy of a country depends on the effectiveness of the functioning of individual participants in the financial market, which determine the general macroeconomic situation. Ensuring the functioning of financial institutions in accordance with the current legislation of Ukraine is carried out on the basis of financial monitoring, which is part of the system of public administration. According to the definition defined in the Law of Ukraine "On Prevention and Counteraction to the Legalization of Income, the Criminal Way Received, the Financing of Terrorism, the Financing of the Proliferation of Weapons of Mass Destruction", financial monitoring can be understood as a system of appeals of the executive authorities on the control of the legalization of incomes, the received criminal way, aimed at financing terrorism or the proliferation of weapons of mass destruction, the object of which is all financial transactions related to monetary funds or other ways that are not can be a financial market. The article is devoted to the study of the peculiarities of the functioning of the financial monitoring system in Ukraine. The aspects of current legislative provisions concerning prevention and counteraction to the legalization of proceeds from crime, terrorist financing and financing of the proliferation of weapons of mass destruction in the context of financial monitoring in Ukraine are analyzed, the existing method of financial monitoring in Ukraine and some indicators that characterize its quality are analyzed. It has been found that there are some "black" spots in the system of financial monitoring of Ukraine, which does not take into account the main nature of operations on legalization of incomes. Аs follows, financial monitoring in Ukraine combines the characteristics of the US and European methodologies that identify the most risky operations and set limits on operations that require verification, identification and monitoring. At the same time, financial monitoring is carried out at the level of almost all financial institutions, and special attention is paid to banks. Today, there are some "black" spots in the system of financial monitoring of Ukraine, which do not take into account the main nature of transactions in the field of legalization of incomes. However, the review of existing norms of the functioning of the monitoring bodies will allow comprehensive coverage of transactions in the financial market.
Authors and Affiliations
Alina Hennadiivna Bukhtiarova, Yana Volodymyrivna Vysotska
Keywords
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