Region: Ukraine

Ukraine set to introduce new anti-money laundering law

Ukraine’s government has approved draft legislation of a proposed new anti-money laundering law, the country’s State Financial Monitoring Service said in a statement last week. The agency said the bill “on prevention of and counteracting money laundering, financing of terrorism or proliferation of weapons of mass destruction” was part of Ukraine’s obligations to meet the standards of  the international anti-money laundering body, the Financial Action Task Force, and the International Monetary Fund (IMF).

15 September 2014

Ceasefire in Ukraine leads EU to stall sanctions

The European Union adopted new sanctions against Russia on 8 September, but has delayed enforcing them to avoid derailing a fledgling ceasefire in Ukraine, which began three days earlier. In a statement, Herman Van Rompuy, president of the European Council, said the sanctions will come into force in “the next few days”, leaving time for an assessment of peace plans and the ceasefire agreement.

10 September 2014

Ukraine receives IMF funds despite anti-corruption problems

The International Monetary Fund (IMF) will send US$1.39 billion to Ukraine after the country met a series of requirements, the organisation said on Friday. IMF managing director Christine Lagarde said the Ukrainian government met the requirements after the country continued work on the “establishment of a strong anti-corruption agency, enhancing the anti-money laundering framework, and simplifying the regulatory environment”.

02 September 2014

New Swiss measures introduced to stop bypassing of sanctions

The Swiss Federal Council has imposed new restrictions on trade with Russia and parts of Ukraine, which limit investment in Crimea and Sevastopol, as well as trade with five banks. The measures, which are designed to prevent the circumvention of EU sanctions, came into effect on 27 August.

29 August 2014

Ukrainian anti-corruption reforms run into difficulty

Ukraine’s anti-corruption reforms have hit a snag after a government official threatened to resign in protest against a lack of progress.

21 August 2014

Switzerland expands measures against Ukraine and Russia

The broadening of an anti-circumvention list designed to stop Switzerland being used as a channel to bypass EU and US sanctions against Russia is likely to have little effect on multinational Swiss banks and companies.

07 August 2014

CMS adds investigations expertise in Ukraine

CMS Cameron McKenna has hired partner Olga Vorozhbyt, a compliance and foreign bribery investigations lawyer, in Kiev.

22 July 2014

Crisis-hit Ukraine agrees with EBRD to boost anti-corruption efforts

The acting Ukrainian government has signed an anti-corruption initiative with the European Bank for Reconstruction and Development (EBRD) to create an independent body that will handle corruption complaints from companies.

15 May 2014

New FBI asset recovery squad announced

Asset recovery specialists have cautiously welcomed US Attorney General Eric Holder’s announcement that the Federal Bureau of Investigations (FBI) will create a unit dedicated to tracking down corrupt assets overseas.

02 May 2014

Ukrainian civil service bonuses may reduce bribe temptation

The European Bank for Reconstruction and Development might create a special fund that will be used to pay bonuses to Ukrainian government officials, according to the Kiev Post. The Ukrainian Tax Service chief Ihor Bilous said the scheme might help prevent civil servants from accepting bribes.

28 April 2014

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