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.

scholarly journals Directions of adaptation of the financial legislation of Ukraine to the EU legislation taking into account implementation of the concept of a new innovative model of the state management of financial system of Ukraine

2020 ◽  
pp. 97-114
Author(s):  
V.V. Sukhonos ◽  
Y.V. Harust ◽  
T.A. Vasilieva ◽  
V.I. Melnyk ◽  
V.V. Mirgorod-Karpova
Keyword(s):  
Crucial Role ◽  
Financial System ◽  
Economic Security ◽  
The State ◽  
Economic Crime ◽  
Scientific Article ◽  
System Management ◽  
State Budget ◽  
State Management ◽  
Current State

The scientific article is devoted to the coverage of one of the most pressing problems of Ukraine - problematic aspects of its economic security. The authors cover the current state of Ukraine's economy and analyze the views of domestic and foreign scholars on overcoming the economic crisis in the country. The current state of legal support of the foundations of financial and economic security of Ukraine is studied. The emphasis is on the crucial role of reforming and creating a new concept of the financial system of Ukraine. The foreign experience of ensuring the economic security of the country is analyzed. The paper plays a crucial role in reforming the system of public authorities in order to reduce the corruption element in public processes. The authors define that the financial system is a significant social sphere in society, on the state of which depends not only the economic security and reliability of the country, but also the potential of the state on the world stage as a whole. That is why the article focuses on the development of a new effective concept that would restructure the entire sector of the financial system of the state should be a priority in state and regional policy. This determines the urgency of studying the main problems and shortcomings of the current financial system of Ukraine, as well as the objective need to introduce a new concept of economic security of Ukraine. The Concept proposes ways to optimize the activities and structure of the subjects of financial system management in Ukraine, coordination and interaction between them. Proposals are provided for improving the administrative legislation that defines liability for financial offenses. Criteria for evaluating the effectiveness of financial system management are outlined. The concept envisages reforming the bodies of the Ministry of Finance of Ukraine, the Ministry of Internal Affairs of Ukraine, the Security Service of Ukraine, the State Tax Service of Ukraine, the State Customs Service, the State Fiscal Service, the State Audit Office, the Financial Monitoring Service, the Office of the Prosecutor General of Ukraine. state policy in the field of economy and finance, ensuring the economic security of the country, combating economic crime, reducing the shadow economy, control over the completeness of customs and tax revenues, as well as the effective use of the State budget.

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.

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 FINANCIAL MONITORING AS A TOOL DESHADOWING BANKING SYSTEM

2019 ◽  
pp. 59-65
Author(s):  
A. Bukhtiarova ◽  
O. Tietierieva
Keyword(s):  
Economic Development ◽  
Money Laundering ◽  
Banking Sector ◽  
Shadow Economy ◽  
Banking System ◽  
Economic Security ◽  
The State ◽  
Negative Consequences ◽  
Financial Monitoring ◽  
The Impact

Today, the phenomenon of the shadow economy is widespread and has negative consequences for the economic development of the countries of the world. It is known that many factors influence the level of the shadow economy and one of these factors is money laundering. The purpose of the article is to analyze the primary and state financial monitoring as a tool for the unshadowing of the Ukrainian banking system. At the end of 2018, the Ministry of Economic Development, Trade and Agriculture of Ukraine is setting the level of the shadow economy at 30% of official GDP, the lowest in the last ten years. The authors investigate the impact of financial monitoring on the level of the shadow economy, identifying major threats to the country's economic security and analyzing the proportion of reports of suspicious transactions from banks in the overall message structure. It is found that about 99% of all reports to the State Financial Monitoring Service of Ukraine about suspected financial transactions come from banks. The essence of the primary financial monitoring, its main shortcomings are revealed, namely the imperfection of the legislative framework, the lack of highly qualified employees in the field of financial monitoring and the formation of clear requirements for the banks as the subjects of the primary financial monitoring. The contents of the most common money laundering schemes through the banking sector are disclosed, such as withdrawal of capital abroad, corruption schemes, schemes involving individuals, fraudulent transactions within the bank, counterfeiting of documents on the value of collateral or granting it, and falsification of the company's decision to obtain a loan. The article also reflects the main violations of banks in the field of financial monitoring for the years 2018-2019, analyzes the shortcomings of the state financial monitoring and proposes to improve the effectiveness of financial monitoring in banks in order to shade the banking sector. Keywords: unshadowing, banks, banking system, financial monitoring, money laundering.

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

2021 ◽  
pp. 102-106
Author(s):  
M.S. Utkina
Keyword(s):  
Law Enforcement ◽  
Money Laundering ◽  
Financial Institutions ◽  
Economic Security ◽  
The State ◽  
Law Enforcement Agencies ◽  
The Law ◽  
Financial Monitoring ◽  
The Right ◽  
Financial Intelligence

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.

The Threats of Ukraine Financial Security: Identification and Systemization

2019 ◽  
pp. 73-80
Author(s):  
Oleksandra Maslii ◽  
Andrii Maksymenko ◽  
Svitlana Onyshchenko
Keyword(s):  
Financial Stability ◽  
System Development ◽  
Financial System ◽  
Economic Security ◽  
The State ◽  
Financial Security ◽  
Monitoring And Control ◽  
Development Indicators ◽  
Security Indicators ◽  
And Control

Place of monitoring and control of risks of financial stability of the state in the system of ensuring financial security of the state was substantiated. Methods of identifying threats to Ukraine's financial security through the current and strategic analysis of financial system development indicators were considered. Tendencies of economic development of Ukraine in the context of revealing sources of threats to financial stability of the state were analyzed. Dynamic analysis of the actual values of the financial security indicators of Ukraine as a whole and its separate components had been carried out. Threats to Ukraine's financial security were identified based on comparative and trend analysis. Reasons for the critical state of debt, banking and monetary security in the financial structure and the preconditions for the emergence of systemic threats had been investigated. Systematization of risks and threats to Ukraine's financial security by its components had been carried out. Influence of systemic threats in the financial sphere on the economic security of the state was generalized. International experience of monitoring financial stability of the state was analyzed. Additional risks to the national financial system are associated with the globalization and digitization of the state financial system that are not taken into account by valid methodological recommendations for calculating the level of economic security of Ukraine were highlighted.

The Relevance of Maqasid al Shari'ah to Anti-Money Laundering and Terrorism Financing

2020 ◽  
pp. 179-194
Author(s):  
Maruf Adeniyi Nasir
Keyword(s):  
Money Laundering ◽  
Financial System ◽  
Islamic Finance ◽  
Complex Relationship ◽  
Terrorist Financing ◽  
The World ◽  
Terrorism Financing ◽  
Illegal Activities ◽  
Muslim Scholars

The modern financial system has continuously been traumatised by money laundering and terrorism financing. This is partly because it is a concept that revolves around the complex relationship between money and crime. The challenges posed by these menaces have become a phenomenon that the world has ceaselessly looked for means to address. Yet launderers and terrorists continue to perfect methods of perpetuating their illegal activities, while the havoc created by the menace of these crimes are enormous and remains unquantifiable in term of the actual estimate. Interestingly, Maqasid al Shari'ah has caught the attention of several Muslim scholars as a useful tool that can resolve several contemporary issues. Consequently, examining the relevance of Maqasid al Shari'ah which is the basis of Islamic Finance on money laundering and terrorist financing (AML/CFT) is desirable. The focus of this chapter, therefore, is to examine the relevance of Maqasid al Shari'ah in the fight against the menace of money laundering and terrorism financing

scholarly journals INFLUENCE OF NATIONAL DEBTIS ON FINANCIAL SAFETY OF UKRAINE

2021 ◽  
Author(s):  
Oksana Krasnikova
Keyword(s):  
Internal State ◽  
Banking System ◽  
Economic Security ◽  
The State ◽  
International Standards ◽  
Control Treatment ◽  
Optimal Size ◽  
National Debt ◽  
Financial Strength ◽  
Financial Monitoring

In the article the modern going is reflected near interpretation of financial safety as basic constituent of economic security. The analysis of basic indexes of budgetary safety of the state and reasonably directions of her strengthening are conducted in the conditions of the crisis phenomena. Fromʼясовано, that financial safety is the extraordinarily difficult multilevel system that is formed row of subsystems, each of that has an own structure. Yes, financial safety of the state includes budgetary, tax, promissory safety, financial safety of the banking system, currency, money-and-credit, investment, financial safety of insurance and fund markets. Priority directions of strengthening of financial safety of Ukraine are determined, first of all, on the basis of estimation of level of indexes of financial safety of the state. Fromʼясовано, that one of main indexes of financial safety there is a level of national debt of country. It is well-proven that in accordance with international standards, the optimal size of debts of the state must not exceed 60% from the annual volume of GDP. And in Ukraine, taking into account the insufficient level of external solvency the level of external national debt must not exceed 30 % At exceeding of this level the state can lose financial independence and become a state-bankrupt. The investigational level of national debt of Ukraine to the gross domestic product allowed to establish exceeding of optimal size of debts of the state that testifies to the high enough level of threat of development of promissory crisis. A row over of suggestions is in this connection brought in relation to the improvement of situation with the state borrowing and perfection of the system of the state crediting, and also increase of financial strength of the state security due to creation of new competitive instruments of the internal state borrowing, bringing in of investors, to that it is necessary to apply favourable tax, hard control treatment after the use of the state borrowing, introduction of modern forms of cooperation of different imperious structure and institutes in question financial safety and financial monitoring and other event.

scholarly journals Algorithms for countering economic crimes and assessing the level of threats to economic security in the context of strategic management

2020 ◽  
Vol 81 (4) ◽  
pp. 280-290
Author(s):  
S. P. Khrustaleva ◽  
K. S. Krivyakin ◽  
M. S. Lutsenko ◽  
O. O. Shendrikova
Keyword(s):  
Economic Activity ◽  
Internal Audit ◽  
Economic Security ◽  
The State ◽  
Economic Crime ◽  
Industrial Enterprises ◽  
Four Levels ◽  
Business Entities ◽  
Functional Components ◽  
Economic Crimes

Crimes in the field of economic activity have become so common in society that crime in the economy has become the norm in the behavior of business entities. Economic crime in Russia at the present stage has reached such a scale that it really threatens the national security of the state. All this requires a detailed study of the individual elements of a crime in the sphere of economic activity and determination of methods for preventing economic crimes. Ensuring the economic rule of law is a guarantee of ensuring the economic security of the state in the future. Economic crimes committed at enterprises of various patterns of ownership are considered. The main type of economic crime is the misappropriation of assets (property), bribery and corruption are in second place, and finally, the third type of common economic crime in 2019 is procurement fraud. The amount of damage from economic crimes in large enterprises ranges from 100 thousand to 1 million US dollars. The main tools for detecting economic crimes in Russia are: the activities of the internal audit and economic security services; information technology protection and financial security of the enterprise; reporting suspicious transactions; the activities of the enterprise to manage the risks of losses from fraud. It is proposed to identify four levels of economic security of the enterprise: critical, low, medium and high. The optimality of the processes for managing economic and information security of PJSC VASO was assessed, which made it possible to single out the main functional components of the overall security of industrial enterprises. A comprehensive assessment of the level of economic threats of PJSC “VASO” as of 2019 was carried out.

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