U.S. removes advisory on financial transactions with Ukraine

Embassy of Ukraine

KYIV - On April 5, the U.S. State Department of Treasury Financial Crimes Enforcement Network (FinCEN) withdrew its Advisory 29 and informed U.S. banks and other financial institutions operating in the United States that enhanced scrutiny with respect to transactions involving Ukraine which has lasted for two years is no longer necessary.

According to FinCEN Advisory Issue 29W, since FinCEN introduced enhanced scrutiny regime, Ukraine has enacted significant reforms to its counter-money laundering system, addressing the points noted in FinCEN Advisory 29, and has taken concrete steps to bring these reforms into effect.

Advisory Issue 29W of FinCEN notes:

"Because of the enactment of new laws and the beginning of effective implementation, enhanced scrutiny with respect to transactions involving Ukraine, as called for in Advisory 29, is no longer necessary. Ukraine now has in place a counter-money laundering system that generally meets international standards, as reflected in the February 27, 2004, decision of the Financial Action Task Force on Money Laundering to remove Ukraine from its list of countries that are non-cooperative in the fight against money laundering."

Copyright © The Ukrainian Weekly, April 11, 2004, No. 15, Vol. LXXII

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