Interaction of law enforcement agencies and financial institutions for financial monitoring in the field of combating money laundering

Abstract

The article was devoted to clarifying the place and role of both law enforcement agencies and financial institutions in conducting financial intelligence in the context of anti-money laundering. The activities of the Bureau of Economic Security, the State Bureau of Investigation and the National Anti-Corruption Bureau of Ukraine were analyzed. Attention was focused on the activities of the State Border Guard Service of Ukraine, as the information contained in the request of the State Financial Monitoring Service, as well as information provided by this Service, can be used only as to anti-money laundering. In the context of financial intelligence in the field of anti-money laundering, attention was focused on the interaction of the abovementioned law enforcement agencies with each other, as well as with financial institutions. The author analyzed the essence of the law enforcement agencies interaction with financial institutions, determined which law enforcement agencies are involved in financial intelligence. It was also determined that the subjects of primary financial intelligence (defined in Article 6 of the Law of Ukraine “On Prevention and Counteraction to Legalization (Laundering) of Proceeds from Crime, Financing of Terrorism and Financing of Proliferation of Weapons of Mass Destruction”) have the right to apply to law enforcement agencies to provide the requested information and / or documents. It was also emphasized that the subjects of state financial intelligence have the right to submit to law enforcement agencies the information obtained during the supervision in the field of prevention and counteraction, which may indicate signs of committing offenses. The article stipulates that to monitor the effectiveness of the system of anti-money laundering, law enforcement agencies ensure the formation of comprehensive administrative reporting in the field of prevention and counteraction.