More than 1.3 million financial transactions have been subject to financial monitoring in Ukraine this year
12 December 2024 08:49
Every fifth report received by the State Financial Monitoring Service of Ukraine this year concerns suspicious transactions that may be related to money laundering, corruption, or terrorist financing. This is stated on the Opendatabot platform, "Komersant Ukrainian" reports.
This year, the State Financial Monitoring Service had more work than in the previous year – by as much as 27%. That is how many more financial transactions came to the attention of financial monitoring services.
What kind of transactions are being investigated
80%, or 1.05 million reports, relate to threshold financial transactions, i.e. those exceeding the statutory amount of over UAH 400 thousand per month, which are not monitored. Another 20%, or 254.5 thousand, are suspicious transactions that may be related to money laundering, corruption, terrorist financing, etc.
99% of all reports were submitted by banks. Only about 1% were submitted by non-bank institutions, such as credit unions, insurance companies, pawnshops, etc.
After verification, those transactions that are recognized as suspicious are forwarded to law enforcement agencies. This year, the State Financial Monitoring Service of Ukraine has sent a total of 780 such materials.
Where exactly are suspicious financial transactions investigated
Most of the materials were sent to the National Police of Ukraine: 223 materials or 28.6% of the total number. The police receive materials related to fraud and financial fraud, embezzlement, cybercrime, etc. Currently, these are cases worth over UAH 15 billion.
Another 218 materials – or 27.9% – worth UAH 9.7 billion were transferred to the Security Service of Ukraine. These are mainly operations related to treason, collaboration, criminal organizations, etc.
120 materials were sent to the National Anti-Corruption Bureau of Ukraine. These are cases involving ministers, MPs, judges, heads of state-owned enterprises, etc. In total, these cases involve transactions worth UAH 7.06 billion. More than half of these funds – 59% or UAH 4.2 billion – relate to crimes committed by heads of state-owned enterprises.
In 109 cases, there were suspicions of financing terrorism or separatism. In another 173 materials, the State Financial Monitoring Service identified corruption risks worth UAH 12.1 billion.
