scholarly journals Threats of banks participation in the criminal proceeds legalization in the field of environmental protection

2021 ◽  
Vol 258 ◽  
pp. 05005
Author(s):  
Kirill Ameleshin ◽  
Gennadiy Pryakhin
Keyword(s):  
Environmental Protection ◽  
Money Laundering ◽  
Positive Impact ◽  
Economic Security ◽  
The State ◽  
Financial Condition ◽  
Mass Outflow ◽  
Financing Of Terrorism ◽  
Credit Institutions

Every year, dozens of banks are revoked in Russia, and the main reason for revoking the license is the violation of legislation in the field of countering the legalization of proceeds from crime and the financing of terrorism (hereinafter referred to as AML/CFT). In this regard, it is increasingly important to identify banks that have an unstable financial condition, are potentially aimed at withdrawing funds, and are involved in dubious transactions aimed at legalizing criminal funds. This article is aimed at showing what tools the participants of the monetary sphere can use to analyze credit institutions for participation in dubious transactions with the purpose of money laundering. The results of this work will be a comparison of the current little-known and not widely used coefficients with the author's indicator, which should show the bank's ability to operate effectively during the period of mass outflow of funds. Based on the results of applying these coefficients, you can make sure that the bank is reliable and that your own savings are safe, all of which has a positive impact on the economic security of the state.

scholarly journals Cryptoassets as Contemporary Threats to the Economic Security of the Country

2021 ◽  
Vol 58 (2) ◽  
pp. 164-178
Author(s):  
Jacek Charatynowicz
Keyword(s):  
Money Laundering ◽  
Legal Status ◽  
Economic Security ◽  
The State ◽  
Point Of View ◽  
Financial Supervision ◽  
Theoretical Research ◽  
Legal Regulations ◽  
Remedial Actions ◽  
Financing Of Terrorism

Aim: The aim of this article is to present the conclusions of a research conducted in the area of identifying threats to the economic interests of the state related to the trading of cryptoassets, as well as the presentation of legal solutions functioning in the cryptoasset environment and possible remedial actions to be taken by the state authorities competent in this regard. Introduction: Due to the technological features, undefined legal status, regulatory and organizational risks of this instrument, the threats related to the trading of cryptoassets are one of the most important current threats from the point of view of the economic security of the country. They are identified both by domestic and foreign financial market supervision authorities, tax and law enforcement authorities, and those dealing with counteracting money laundering and the financing of the terrorists. The article presents the identified risk areas, legal regulations in the field of trading in these assets, and regulatory perspectives. An attempt was also made to describe the actions necessary to be taken to mitigate the threats. Methodology: In this work, theoretical research was used, such as: analysis of literature, on legal and strategic studies as well as industry literature, synthesis, generalization and inference. In addition, analysis was carried out of the legal acts related to the regulation of the market of cryptoassets, international strategic documents describing this market and the Polish financial supervision. Draft legal acts of a legislative nature were also presented. Conclusions: The market of cryptoassets is subject to constant legal, organizational and institutional transformations. Its socio-economic environment is also changing. Due to the characteristics of cryptoassets, their dispersed and unregulated nature, institutions of this market, both entities participat - ing in transaction brokerage, as well as natural persons, can be used for money laundering, concealing property from various forms of crime. However, the identified vulnerabilities do not pose a significant threat to the economic security of the country – they are of a sectoral nature. The relevant state institutions undertake specific activities in order to counteract threats, both of a legal, institutional and organizational nature. Keywords: cryptoassets, threats to economic security, legal regulations in the area of cryptoassets, counteracting money laundering and financing of terrorism, mitigation of threats related to cryptoassets Type of article: review article

scholarly journals Use of financial monitoring in the investigation of crimes in the economic sphere

2020 ◽  
pp. 386-389
Author(s):  
Tetiana Chasova
Keyword(s):  
Money Laundering ◽  
Service Providers ◽  
Financial System ◽  
Economic Security ◽  
The State ◽  
Scientific Article ◽  
Criminal Proceedings ◽  
Terrorist Financing ◽  
Financial Monitoring ◽  
Economic Crimes

The scientific article analyzes the conduct of financial monitoring during the investigation of economic crimes. The position ofscientists on the definition of financial monitoring and its role in the formation of economic security of the state is studied. The mainstatements of the Law of Ukraine “On Prevention and Counteraction to Legalization (Laundering) of Proceeds from Crime, Financingof Terrorism and Proliferation of Weapons of Mass Destruction” on financial monitoring and standards of the Group for Developmentof Financial Measures to Combat Money Laundering and Terrorist Financing (FAT) and European Union Directive 2015/849 “On theprevention of the use of the financial system for the purpose of money laundering and terrorist financing”.Ensuring the economic security of the state is possible provided that the fight against legalization (laundering) of proceeds fromcrime. Economic crimes undermine the economic and financial system of the state, encroach on the legitimate interests of individuals.Financial monitoring is a form of financial control and its conduct as part of a criminal investigation and is a means of proof.The problem of legalization (laundering) of proceeds from crime in recent years has become particularly important because itthreatens the economic security of the country. That is why the state implements measures of enhanced control in this matter throughlegal regulation of financial monitoring. The purpose of criminal proceedings is to resolve controversial issues, including the appropriatefinancial monitoring of suspicious activities related to money laundering.The financial monitoring system covers all financial service providers and determines that there should be cooperation in resol -ving issues related to the legalization of proceeds from crime. The issue of the use of financial monitoring in criminal proceedings hasbeen studied by researchers and practitioners, but many issues remain unresolved.

CONCEPTUAL PROVISIONS OF THE STATE POLICY OF ENSURING THE ECONOMIC SECURITY OF UKRAINE IN THE CONDITIONS OF MODERN THREATS AND DIGITALIZATION

2021 ◽  
Vol 298 (5 Part 1) ◽  
pp. 280-286
Author(s):  
Olga GARAFONOVA ◽  
◽  
Liydmyla POLISHCHUK ◽  
Liudmyla DYKHNYCH ◽  
Inna YASHCHENKO ◽  
...  
Keyword(s):  
National Economy ◽  
State Policy ◽  
Structural Changes ◽  
Initial Conditions ◽  
Positive Impact ◽  
Economic Security ◽  
The State ◽  
Practical Significance ◽  
External Threats ◽  
The Impact

The article focuses on the relevance of identification and typology of modern risks and threats to the economic security of Ukraine. According to the nature of modern risks and threats, they are classified as hybrid. The hybrid nature of modern threats to Ukraine’s economic security necessitates the application of new approaches to the formation and implementation of state policy to ensure the economic security of Ukraine’s national economy. It is shown that the economic security of the state is a complex dynamic system that requires constant monitoring and management of resilience to internal and external threats in order to ensure a positive impact on socio-economic development, improve macroeconomic development, ensure quality and necessary structural changes and institutional reforms. formation of the system of competitiveness of the national economy. Under such conditions, the general goal of state policy should be to improve Ukraine’s economic security system, ensure a higher level of its resistance to the impact of hybrid risks and threats, factors and conditions of globalization and the world order. The elements of the state policy of economic security of Ukraine are determined, namely – the initial conditions, the purpose of state policy, goals and principles of policy, directions of formation of the system of counteraction to security threats, financial-resource and organizational-managerial support. The practical significance of the research results is that the immaturity of the integral system of economic security of the state is identified, which is due to the imperfection of the institutional environment, the imbalance of its structure, the predominance of the role of informal institutions over formal ones. The scientific novelty of the study is to substantiate the conceptual provisions of state policy to ensure the economic security of the state in the face of non-standard hybrid risks and threats.

Classification of financial monitoring objects: criteria and indicators of suspicion

2021 ◽  
Author(s):  
Maria Perepelytsya
Keyword(s):  
Money Laundering ◽  
Legal Regulation ◽  
Economic Security ◽  
The State ◽  
Criteria And Indicators ◽  
Legal Norms ◽  
Financial Monitoring ◽  
Financial Transactions ◽  
Subjective Rights

Problem setting. The problem of legalization (laundering) of money and other property acquired by criminal means is of great importance for Ukraine, because the criminalization of the economy is the main threat to the economic security of the state. In order to successfully combat this negative phenomenon, it is necessary to constantly develop and improve the processes of identification and analysis of financial transactions that are the objects of financial monitoring. Detection of such transactions requires clear criteria and indicators that allow you to quickly and accurately identify among the range of financial transactions those related to money laundering. The list of criteria and indicators of suspicion of financial transactions is large and sometimes ambiguous in terms of its interpretation and application. This issues is important because it is about the scope of law, the subjective rights of participants in financial transactions, the ownership of such persons in their assets and the level of trust in entities that provide financial and other services. The purpose of the research is to study the legal norms in the field of establishment and classification of financial monitoring objects – types of financial transactions depending on the criteria and indicators developed by the subjects of state financial monitoring and supplemented by the subjects of primary financial monitoring. Analysis of resent researches and publications. The solution of problems of legal regulation of the national system of financial monitoring in Ukraine (procedures, methods, risks, criteria, indicators etc.) was devoted to the works of such scientists as A. P. Gavrilishyn, I. M. Patyuta, B. M. Surkalo, O. E. Kostyuchenko, K. A. Kryvulya, Zh. I. Dovgan, I. G. Biryukova, V. M. Berizko and others. However, the issue of classifying financial monitoring objects according to the criteria and indicators of suspicion is important and necessary, because it is on such indicators that all activities in the field of financial monitoring are based and the results of such activities depend on their establishment. Article’s main body. The list of criteria and indicators of suspicion of financial transactions and their classification as objects of financial monitoring is quite wide. Their classification according to the relevant criteria is necessary and enshrined in law, which is important to prevent their unrestricted spread. At the same time, the subjects of state financial monitoring at their own discretion, but taking into account the main requirements of the legislation in the field of financial monitoring, develop and establish the grounds for classifying a financial transaction as an object of financial monitoring. In turn, the subjects of primary financial monitoring at their own discretion, but taking into account the rules and subjects of state financial monitoring, supplement, expand and improve this list in order, on the one hand, to prevent the legalization (laundering) of proceeds from illegal by and their entry into the financial system of the state and, on the other hand, compliance with the subjective rights of customers – participants in financial transactions. Conclusions. The article examines the legal norms in the field of establishment and classification of financial monitoring objects – types of financial transactions depending on the criteria and indicators developed by the subjects of state financial monitoring and supplemented by the subjects of primary financial monitoring. It is concluded that the identification of transactions that are the objects of financial monitoring requires clear criteria and indicators that allow you to quickly and accurately identify among the range of financial transactions those related to money laundering. Risk criteria by type of client, by geographical basis, by type of service (product), by service supply channel (product) are considered. Differentiated indicators of suspicion of financial transactions into indicators related to the activities or behavior of the client, indicators related to the financial operations of the client and indicators for different types of products (services). It is emphasized that the problem of defining clear and standard types of criteria and indicators of financial transactions is important and relevant in the current relations in the field of financial monitoring between the state and the participants of the respective financial transactions.

scholarly journals LEGAL REGULATION OF LIABILITY FOR LAUNDERING (LEGALIZATION) OF THE PROCEEDS OF CORRUPTION IN THE REPUBLIC OF KAZAKHSTAN

2016 ◽  
Vol 2 (4) ◽  
pp. 0-0
Author(s):  
Дина Гехова ◽  
Dina Gekhova
Keyword(s):  
Money Laundering ◽  
Legal Regulation ◽  
International Community ◽  
Economic Security ◽  
International Standards ◽  
International Terrorism ◽  
Entire Area ◽  
The World ◽  
Financing Of Terrorism ◽  
Domestic Law

The article notes that the Eurasian group on combating money laundering and financing of terrorism (EAG) is the largest of the regional FATF-type bodies (Group of development of financial measures for combating money laundering — Financial Action Task Force, FATF) from the point of view of the entire area and population of member States and it covers such countries as Belarus, Kazakhstan, China, Kyrgyzstan, Russia, Tajikistan and Uzbekistan. Observer status in the EAG has been granted to 16 States and 14 international and regional organizations. The key task of the EAG is to assist the regional States in the creation and development of national systems to combat money laundering and financing of terrorism. The implementation of this task is conducive to the economic security and stability of the region, it also prevents the threat of international terrorism and helps to increase investment attractiveness of the region. Republic of Kazakhstan, as a young member of the international community, in the beginning of its career was sympathetic to the recommendations and requirements of the world community to conform its domestic legislation to the norms and provisions of international law. Naturally, it was a time consuming process but today we can safely say that, overall, domestic law and criminal legislation of Kazakhstan, in particular the General principles, are consistent with international standards in this area. It propounds that Republic of Kazakhstan as a responsible member of the international community, it consistently seeks to implement the recommendations and provisions of international legal norms, and today the domestic law of Kazakhstan on countering the legalization of illegal income is in full compliance with the world standards.

scholarly journals Current trends in household finances of Ukraine

2020 ◽  
Keyword(s):  
Negative Impact ◽  
Positive Impact ◽  
Well Being ◽  
Cash Flows ◽  
The State ◽  
Government Support ◽  
Subsistence Level ◽  
Investment Activity ◽  
Household Finances ◽  
Financial Condition

The article considers the peculiarities of the functioning of household finances in Ukraine in modern conditions, examines their place and role in the financial system of the country. The basic functions of household finances are specified and it is determined that the household is an important subject of financial relations, which interacts with the state, economic entities, financial market institutions, continuously creates incoming and outgoing cash flows, the size of which tends to increase. The sources of income generation and expenditures of Ukrainian households have been clarified, as a result of which we can state the dominance of wages and social benefits in income and consumption expenditures in total household expenditures, which significantly reduces their investment activity. The analysis of statistical data characterizing the financial condition of households in Ukraine was carried out and the growth of nominal values of such indicators as total income and expenditure of households, minimum and average wages, pension, social assistance, subsistence level was noted. In 2020, there is an increase in unemployment in the country, which has a negative impact on household income, reduces solvent demand and creates an additional burden on the budget. A study of the financial condition of households in the context of the coronavirus epidemic and the introduction of quarantine measures in Ukraine. We note its deterioration and note the low level of savings of the population, which leads to a decline in living standards and the need for government support. The key problems in the sphere of household finances are formulated and perspective directions of their development are determined, the use of which will allow to increase the level of well - being of households and will have a positive impact on the socio - economic situation of the state as a whole.

PROPERTY SECURITY IN FIGHTING AND COUNTERACTING ECONOMIC CRIMES

2021 ◽  
Vol 140 (4) ◽  
pp. 100-115
Author(s):  
LESZEK DOMAGALSKI
Keyword(s):  
Money Laundering ◽  
Economic Security ◽  
The State ◽  
Financial Information ◽  
Penal Code ◽  
Legal Regulations ◽  
Asset Recovery ◽  
Recovery System ◽  
Processing Information ◽  
Economic Crimes

The article presents the function of property security in fighting against economic, organised and fi scal crimes. Attention is paid to the services and authorities forming the three pillars of the asset recovery system, the unit responsible, among others for collecting and processing information about assets constituting benefits from illegal or undisclosed sources included in the structures of the General Police Headquarters, the Prosecution Service and the General Inspector of Financial Information. The changes introduced by the Act of 23 March 2017 amending the Act – Penal Code relate to so-called extended confiscation. The essence of the new legal regulations and the importance of extended confiscation based on legal presumptions have been presented. The Act of March 1, 2018 on counteracting money laundering and fi nancing terrorism and its importance for the recovery of property and preventing crimes detrimental to the economic security of the state has also been interpreted.

scholarly journals Improvement of regulatory and legal support of financial monitoring in Ukraine

2021 ◽  
Vol 2021 (7) ◽  
pp. 108-126
Author(s):  
Olga KUZMINSKA ◽  
◽  
Оlena ABESINOVA ◽  
Keyword(s):  
Money Laundering ◽  
National Economy ◽  
Task Force ◽  
Economic Security ◽  
Weapons Of Mass Destruction ◽  
Mass Destruction ◽  
Other Information ◽  
Information Law ◽  
Financing Of Terrorism ◽  
Financial Monitoring

In the publication according to the results of the analysis of the main international and national regulations of financial monitoring on the basis of the historical approach the directions of improvement of normative – legal maintenance in the field of prevention and counteraction to legalization of illegal incomes in Ukraine are outlined. The peculiarities of the main historical stages of the formation of the financial intelligence unit in Ukraine – the national center for analysis of information on suspicious transactions and other information on money laundering, terrorist financing, and financing the proliferation of weapons of mass destruction are discloses. The issues of implementation of the provisions of international normative acts regulating the sphere of counteraction to legalization (laundering) of proceeds from crime, financing of terrorism and financing of proliferation of weapons of mass destruction at the international level are highlighted, in particular, the standards developed by the Financial Action Task Force on Money Laundering (FATF) and the Directives of the European Parliament and the Council of the EU, United Nations documents, international conventions ratified by Ukraine. Considerable attention is paid to the need for further harmonization of national and international legislation in the field of financial monitoring. It is proposed to take into account the conceptual principles of behavioral economics when improving the regulatory and legal support of financial monitoring (bylaws), in particular regarding the application of risk-oriented approach when analyzing and identifying suspicious financial transactions and identifying the ultimate beneficial owner of the client. The necessity of scientific research in the researched field in the traditional professional directions: “Money, finance and credit” and “Administrative law and process; finance law; information law”, and in related scientific specialties: “Economics and management of the national economy” (in the field of “Economic security of the national economy”), and “Accounting, analysis and audit (by type of economic activity)” (in the areas of “Organization of auditing: the specifics of formation and the functioning of audit services”, and “Accounting and analytical operations, their standardization and unification”) is substantiated.

scholarly journals Features of the Newest Methods of Money Laundering Using Financial Institutions

2021 ◽  
Vol 3 (518) ◽  
pp. 132-140
Author(s):  
V. V. Rysin ◽  
◽  
A. R. Karpets ◽  
Keyword(s):  
Money Laundering ◽  
Financial Institutions ◽  
Public Awareness ◽  
Legal Aspects ◽  
The State ◽  
Online Gambling ◽  
Financial Infrastructure ◽  
Financing Of Terrorism ◽  
Financial Monitoring ◽  
High Level

Activities to counter laundering the money, obtained by criminal means, require constant monitoring of the market, monitoring the activities of financial and non-financial institutions in order to prevent capital loss and financing of terrorism, as methods of money laundering are gaining new features every year. The article is aimed at systematizing the latest money laundering schemes appearing in the financial market and developing measures to prevent the implementation of such schemes through financial institutions. An analysis of data by the State Financial Monitoring Service of Ukraine (SFMS) on the number of detected suspicious financial operations showed that the large majority of reports concerning such operations comes from banks. In view of this, the role of banks in countering the legalization of criminal income in Ukraine remains decisive today. The expansion of the range of financial instruments led to the emergence of new money laundering schemes. Such schemes can be based on P2P technologies, implemented through crowdfunding platforms, in particular through crowdinvestment. The authors also focused on the possibilities of using cryptocurrencies and online gambling tools for the purposes of legalizing criminal revenues. The peculiarities of applying the risk-oriented approach in the process of due diligent verification of clients of financial institutions and the operations they carry out, as well as the list of threats to financial institutions in case of their joining the money laundering activities, are determined. Such threats are manifested in reputational and legal aspects, and in the future inevitably lead to financial losses. The use of the latest technologies for the legalization of criminal income requires banks and non-bank institutions to improve the software used to detect and register suspicious transactions, improve cybersecurity, as well as maintain a high level of qualification of employees. The State own regulators should ensure proper control over the activities of highly risky financial infrastructure entities, as well as raise public awareness of the risks and consequences of criminal capital legalization.

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