scholarly journals Modeling efficiency of the State Financial Monitoring Service in the context of counteraction to money laundering and terrorism financing

2017 ◽  
Vol 1 (2) ◽  
pp. 39-51 ◽  
Author(s):  
Musa A. Subeh ◽  
◽  
Anton Boiko ◽  
2020 ◽  
pp. 109-117
Author(s):  
Oleksandra Vasylchyshyn ◽  
Olena Sydorovych

The article considers the legislative rights of civil society institutions to interact with the state. The influence of financial crimes on the functioning and development of the state, as well as the possibility of the influence of civil society institutions on the detection and detection of financial crimes has been studied. The activity of the State Financial Monitoring Service on detection and processing of information of risky financial transactions and its cooperation with foreign divisions of financial investigations is described. The most popular countries in which there are entities with a suspicious reputation for financial transactions are identified. It is emphasized that the human and resource potential of civil society institutions will contribute to the detection of money laundering operations. It is also determined that the legalization of criminal proceeds is a financial crime that encroaches on the established procedure for conducting financial transactions, and hence on the interests of the state.


Author(s):  
Елена Карпова ◽  
Elena Karpova

The article describes the features of the functioning of leasing companies as subjects of primary financial monitoring, which necessitates their registration in the Federal Financial Monitoring Service of the Russian Federation (Rosfinmonitoring). The subject of the research is the compliance of leasing companies with the requirements of the Russian legislation aimed at countering the legalization of illicit gains (money laundering) and terrorism financing (AML / CFT) in terms of organizing and effectively implementing internal control for AML / CFT purposes. An analysis of the interaction between employees responsible for compliance with and implementation of internal control rules has been carried out. The study showed that leasing companies are characterized by a moderate level of risk of involvement in the process of laundering criminal proceeds.


2020 ◽  
pp. 82-86
Author(s):  
O.M. Reznik ◽  
A.A. Bertsyukh

The article is devoted to the formulation of the author’s definition of the concept of interaction of the State Financial Monitoring Service of Ukraine with law enforcement agencies to combat money laundering, followed by the definition of the peculiarities of such interaction. The relevance of the proposed article is due to the high level of financial and economic crime, at which the laundering of criminal proceeds causes significant damage to the economy. Accordingly, this state of affairs necessitates the joint efforts of different actors in the fight against this negative phenomenon. It is noted that the category of “interaction” is used in various fields of scientific knowledge, while from the point of view of law this category is most often studied by scientists in the field of criminology, criminal procedure, criminology and operational and investigative activities. Signs of interaction are defined. The interpretation of the financial intelligence unit is considered, as the State Financial Monitoring Service of Ukraine was created as such a unit. The content of the concept of “law enforcement agencies” is revealed by analyzing the legislative and doctrinal definitions, as well as clarifying which tasks-functions certify the law enforcement nature of the activity and allows to refer a body to the category of law enforcement. The author’s vision of the category “law enforcement agencies” is given. The essential signs of legalization of criminal proceeds are singled out. It is established that at the doctrinal level money laundering can be considered in material, procedural, economic and legal aspects. It is concluded that the interaction of the State Financial Monitoring Service of Ukraine with law enforcement agencies to combat money laundering means regulated and agreed under a number of conditions the activities of these entities, which are independent of each other, which is carried out using special methods and carried out in specific forms, in order to counteract the granting of lawful possession, use or disposal of proceeds of crime. Peculiarities of interaction in the context of the researched question are singled out.


Author(s):  
S. Lieonov ◽  
T. Vasilyeva ◽  
S. Mynenko ◽  
T. Dotsenko

Abstract. The article is devoted to the problems of the development of a system for combating the legalization of income obtained illegally in the context of digitalization of banking activities. The concept of the effectiveness of the anti-money laundering system was considered. The expediency of using the utility approach for modeling the effectiveness of the system for combating money laundering has been determined. The indicator of the effectiveness of the system of combating money laundering was chosen as the share of indictments sent to the court in the total number of criminal offenses for which pre-trial investigation was carried out in the corresponding period. The first alternative of choice — the focus on the development of identifying suspicious financial transactions is characterized by the indicator Share of criminal offenses for which pre-trial investigation was carried out per one transaction report submitted to the State Financial Monitoring Service. The second alternative of choice — the development of innovative technologies, is characterized by the indicator of the Level of digitalization of the economy. The input data are the indicators on the crime rate in Ukraine, the work of the pre-trial investigation bodies, obtained from the State Financial Monitoring Service of Ukraine, the General Prosecutor's Office of Ukraine and the State Statistics Service of Ukraine, suspicious financial transactions and the number of Internet subscribers. On the basis of the calculated autocorrelation coefficients of zero differences and determination of their statistical significance, a nonlinear function of the relationship between mictoramas was selected. Using the Stone-Geary utility function, which for the selected input data took the form of a Cobb-Douglas power function, the degree of response of alternative approaches to improving the effectiveness of the system of combating criminal proceeds was determined. The degree of digitalization of the economy has a high level of elasticity. Therefore, to increase the effectiveness of the system of combating money laundering, it is necessary to develop innovative information technologies in the field of FinTech. Keywords: bank, countering the legalization of criminal proceeds, the utility function of Stone-Geary, the Cobb-Douglas function, the effectiveness of combating the legalization of criminal proceeds, the digitalization of the economy. JEL Classification C49, O17, O33, G21, G14 Formulas: 4; fig.: 5; tabl.: 0; bibl.: 32.


Author(s):  
Tetiana Chasova

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.


2019 ◽  
Vol 2 (87) ◽  
pp. 141
Author(s):  
Suzanna Kalinina

The relevance of the topic is confirmed by the changes taking place in the financial monitoring system: the expansion of the financial monitoring range of procedures complication´s supervisory bodies aimed at countering money laundering and financing of terrorism, the creation of specialized international and European requirements, which causes changes in the legal regulation of public relations in this area, both at the level of the Estonian Republic, and at international level. Taking into account these changes, financial institutions are a subject to significant legal risks. The purpose of this topic is to improve the financial institution risk management system, in the field of anti-money laundering and countering financing of terrorism. The theoretical and methodological basis of the study are the provisions and conclusions regarding anti-money laundering and countering financing of terrorism risk management issues contained in the research works of different Estonian and Russian authors; as well as the author analysed anti money laundering and counter terrorism financing legal acts and revealed the main recommendations to financial institutions for preventing money laundering and terrorism financing.  The author analyses reasons, which affect licenses withdrawal due to breach of money laundering. The nature of the tasks and the system approach to their solution determined the use of the following research methods in the research: analysis and synthesis, grouping and classification, scientific generalization, expert assessments and graphical analysis.


2021 ◽  
Vol 18 (1) ◽  
pp. 32-39
Author(s):  
V. V. Sergunina

The article considers the foreign experience of functioning and application of the mechanism for accounting and analysis of information about risks contained in reports on suspicious transactions for the purpose of its further application in Russian conditions. The relevance is due to the need to improve the system for recording and analyzing information about risks contained in reports on suspicious transactions transmitted to in Rosfinmonitoring. Due to the involvement of noncredit nonfinancial organizations in the process of countering the proceeds of crime, the financing of ter- rorism and the financing of the proliferation of weapons of mass destruction, the number of incoming reports to the Federal financial monitoring service is only increasing. All messages received are evaluated to determine whether they are suspicious or not. However, as the number of messages increases, the existing mechanism becomes less effective, and it needs to be updated and refined.The analysis of foreign experience was carried out on the basis of methods of theoretical and practical analysis, system analysis, comparison and classification methods. The methodology combines a review of the literature, analysis of research results of scientific specialists to comprehensively cover the goal.The study revealed that the analysis of suspicious transaction reports is used to assess the application of the Anti-Money Laundering/Combating the Financing of Terrorism regime, the level of risk awareness and compliance with risk management strategies. Under Anti-Money Laundering / Combating the Financing of Terrorism, it is useful to consider best practices to develop a mechanism for recording and analyzing risk information contained in suspicious transaction reports submitted to the Federal financial monitoring service.


Author(s):  
Maria Perepelytsya

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.


2021 ◽  
Vol 03 (01) ◽  
pp. 39-54
Author(s):  
Grytsyshen Dymytrii Grytsyshen Dymytrii ◽  
Opanasiuk Andrii Opanasiuk Andrii

The essence of institutionalization of the state financial and control activity is defined in the article. The activity of the Accounting Chamber as the highest audit body in Ukraine is studied. The normative legal acts regulating the activity of the State Audit Service of Ukraine are analyzed and generalized. The tasks and functions of the State Tax Service of Ukraine and the State Customs Service of Ukraine as institutional subjects of the state financial and control activity are defined. The institutional principles of the state financial and control activity in the focus of the fight against economic crime in the format of the activity of the State Treasury Service of Ukraine have been worked out. The functional directions and peculiarities of the activity of the State Financial Monitoring Service are analyzed. The matrix of institutionalization of financial control activity as a tool for combating economic crime has been formed. Keywords: economic crime, institutionalization, state financial and control activity, institutional principles.


Sign in / Sign up

Export Citation Format

Share Document