GOLAW Managing Partner, attorney at law Valentyn Gvozdiy, joined the working group on regulatory and legal support of financial monitoring and prevention of money laundering and terrorist financing matters at the Ministry of Justice of Ukraine. The relevant decree has been signed by the Minister of Justice of Ukraine Denis Malyuska.
The working group on anti-money laundering matters has a highly significant function: to organize the governmental work in the part of financial transactions control in a way to meet the requirements of Ukrainian law and international standards with due respect for human rights. As an attorney at law, it is important to me to protect the right of colleagues to attorney-client privilege, since all attorneys who practice law as individual practitioners, attorney companies and attorney bureaus were defined as specific subjects of primary financial monitoring pursuant to the provisions of the newly adopted law. By combining the experience of foreign bar associations and our own expertise, the issue of financial monitoring in Ukraine can be resolved with the highest quality and with respect to the interests of all parties involvedcommented Valentyn Gvozdiy
On 28 April 2020, the Law of Ukraine “On the Prevention and Counteraction to the Legalization (Laundering) of the Proceeds from Crime or Terrorism Financing, as well as Financing the Proliferation of Weapons of Mass Destruction” (the new “AML Law”) entered into force. The new working group aims to provide effective implementation of the law. The members of the group are representatives of the Ministry of Justice of Ukraine, the Ukrainian National Bar Association (UNBA), the State Service for Financial Monitoring, and the Notary Chamber of Ukraine.