Since 2017 Ukraine has made little to no efforts towards implementing anti-money laundering reforms into their system. Now, the European Council has given Ukraine one year to bring their anti-money laundering standards up to date.
“MONEYVAL encourages the country to accelerate its efforts in addressing the remaining deficiencies in view of currently pending legislative reforms,” the Council of Europe said.
If Ukraine is unable to intensify anti-money laundering standards in the country, there will likely be a hefty penalty in place for them; not to mention, the longer it takes, the higher the risk of another money laundering scandal to occur from Eastern Europe, and putting a dent in the reputation of their own financial institutions and government.