Problematic aspects of financial monitoring by specially designated subjects

Abstract

Introduction. The paper stated that in the new Law of Ukraine “On preventing and countering the legalization (laundering) of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction”, the domestic legislator used a number of general formulations with a broad and vague content, which may complicate its practical implementation and necessitates the theoretical research of these issues within the framework of this paper. The purpose of the paper is to analyze the state of legal regulation of the implementation by certain specially defined subjects of primary financial monitoring of obligations to prevent and counteract the legalization (laundering) of proceeds from crime, the financing of terrorism and the proliferation of weapons of mass destruction, as well as to formulate recommendations for making appropriate changes to the legislation. Results. In paragraph 1 of part 1 of art. 10 of the Law of Ukraine “On preventing and countering the legalization (laundering) of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction” does not disclose the content of the terminology turnover “creation, operation or management of legal persons”. Conclusion. In order to clarify the terminology in paragraph 1 of part 1 of article 10 of the Law of Ukraine “On preventing and countering the legalization (laundering) of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction”, it is advisable to amend it by adding after the words “other similar legal entities” the words “including, performing the functions of a director or secretary of a legal person, its trustee/owner/manager, nominee shareholder/owner/holder”.