The Role of State Financial Monitoring in Ensuring Ukraine’s Financial Security during the War
Journal Title: Oblik i finansi - Year 2025, Vol 1, Issue 1
Abstract
In conditions of full-scale war, the financial monitoring system is a critical component of ensuring national security by counteracting the legalization (laundering) of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction. The article’s purpose is to substantiate the role of the state’s financial monitoring of Ukraine in ensuring financial security in martial law conditions. The activities of the key subject of state financial monitoring – the State Financial Monitoring Service of Ukraine (SFMU) are analyzed in the following areas: international cooperation, financial investigations, national coordination, legislative initiative, national risk assessment, and typological research. The results of the study show that today, the priority areas of financial investigations of the SFMU are: financing of war and terrorism (separatism); laundering of proceeds from corruption; embezzlement of budget funds and funds of state enterprises; misuse of funds allocated for humanitarian and social projects, reconstruction of critical infrastructure, housing; laundering of proceeds from crimes related to fraudulent appropriation of funds of citizens and legal entities. In martial law conditions, the SFMU, as a financial intelligence unit, implements effective practical and organizational measures in the field of countering the legalization (laundering) of proceeds from crime, financing terrorism and financing the proliferation of weapons of mass destruction. In particular, this includes cooperation with the FATF to suspend Russia's membership in this organization and include it in the FATF “black list”; collaboration with the Egmont Group of Financial Intelligence Units to suspend Russia’s membership in this organization; coordination of work with MONEYVAL on the assessment of measures to combat money laundering and terrorist financing; joint financial investigations with foreign financial intelligence units and financial regulators and relevant cryptocurrency organizations regarding preventive measures for doing business with Russia. The activities of the State Financial Monitoring Service of Ukraine contribute to strengthening the country's financial security; however, in the context of the emergence of new threats, it is necessary to develop and improve the national financial monitoring system in cooperation with international partners.
Authors and Affiliations
Karina Utenkova
Keywords
Related Articles
- EP ID EP763372
- DOI 10.33146/2307-9878-2025-1(107)-95-102
- Views 22
- Downloads 0
The Effect of Foreign Ownership and Managerial Ability on Earning Quality with Committee Audit as Moderating Variable
This study aims to investigate the effect of foreign ownership and managerial ability on earning quality with committee audit as moderating variable. The authors used secondary data that was obtained from annual report....
Integrated Process for Multiple Product Breakeven Analysis and Limiting Resource Allocation in Profit Planning
Breakeven analysis for multiple products can help managers understand how each product or service contributes to a company's overall profitability and performance. It can help identify the most and least profitable produ...
The Impact of Agent Motivation on Customer Trust in Improving the Performance of Government Bank Agents in the Administrative City of North Jakarta: Qualitative Research
Bank Rakyat Indonesia (BRI) is one of the largest banks in the country with a fleet of over ten thousand bank branches. The bank is one of the biggest microfinance lenders in the country and is committed to accelerating...
Development of Accounting in Ukraine Based on the Implementation of IFRS: Problems and Prospects
For more than fifteen years in Ukraine, the process of reforming the accounting system has been carried out on the basis of the introduction of the IFRS methodology. New national standards have been adopted; many changes...
Визнання нематеріальних активів підприємства відповідно до міжнародних та національних стандартів обліку
Нематеріальні активи – це, як правило, активи, які не мають фізичної дотикової форми та використовуються довгостроково. Нематеріальні активи часто є інтелектуальною власністю. Належне оцінювання та бухгалтерський облік н...