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EVENTS

Launch of the project “Strengthening Ukraine’s Capacity to Counter Illicit Finance” (UCIF)

On 24 November, the launch of an international technical assistance project aimed at strengthening the fight against illicit finance took place.

On 24 November, the project “Strengthening Ukraine’s Capacity to Counter Illicit Finance” (UCIF) was officially launched. Its main objective is to enhance Ukraine’s ability to effectively combat illicit financing and financial crime. This includes improving the national anti-money laundering system.

 

The initiative is supported by the UK Foreign, Commonwealth & Development Office (FCDO) and implemented by the Center for Financial Integrity in partnership with the Centre for Financial Security (CFS) at RUSI and DAI Global.

 

The project will bring together state institutions, regulators, law enforcement agencies, financial institutions, and international partners to jointly reduce the shadow economy, increase transparency in the financial sector, and strengthen national resilience.

The project focuses on four key areas:

  1. Establishing effective public-private partnerships to combat financial crime. This includes creating a platform for collaboration between state authorities, financial institutions, and businesses, facilitating information exchange and the development of joint approaches to detect and prevent illicit financial activities.

  2. Developing legislation and regulating the virtual assets market in line with EU and FATF standards. Support will be provided for creating a modern regulatory model for the virtual assets market that minimises money laundering and terrorism financing risks while not hindering private sector development.

  3. Reforming the regulation and supervision of designated non-financial institutions and professions (DNFBPs). Realtors, notaries, casino operators, and others operate in sectors highly vulnerable to money laundering. The project will focus on implementing a risk-based approach, updating reporting procedures, and introducing modern supervision methods.

  4. Strengthening the analytical and operational capacity of law enforcement to combat illicit financial schemes. This area covers the development of financial investigation tools, transaction analysis, and inter-agency coordination. It also includes introducing new methodologies, enhancing staff qualifications, and involving international experts to share best practices.

The Center for Financial Integrity and the Centre for Financial Security (CFS) at RUSI are actively working on building public-private partnerships, supporting professional dialogue, and providing training for DNFBPs. We provide expert guidance and engage leading international specialists to strengthen and expand participants’ professional competencies.

 

Enhancing the fight against illicit finance is a crucial part of Ukraine’s European integration commitments, as well as a condition for the implementation of the Ukraine Facility and compliance with FATF and EU financial security requirements.

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