Skip to main content

Anti-money laundering message from HM Treasury - Ukraine

04 March 2014 | tagged Current issues

Recent developments in Ukraine have highlighted the need for firms to remain vigilant to the risk of corrupt asset flight.

On Friday the FCA reminded financial institutions of their obligations under the Money Laundering Regulations and the Proceeds of Crime Act in light of developments in Ukraine.

Corrupt asset flight may be facilitated through companies and other legal arrangements, or other transactions designed to quickly liquidate assets held in the UK. Robust beneficial ownership checks by firms are therefore vital. The Law Society of Scotland has been asked to highlight the increased risk in relation to Ukraine to their firms and remind them of the need to have appropriate systems and controls for due diligence, ongoing monitoring and reporting of suspicious transactions, including PEP and beneficial ownership checks.

Back to articles