Formation of a new paradigm of anti-money laundering: The experience of Ukraine

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The increase in the level of money laundering is associated with digitalization and technification of all spheres of society, the globalization of financial markets, the consequences of quarantine measures caused by the COVID-19 pandemic, and the new ways of committing money laundering crimes. The paper aims to identify the peculiarities of anti-money laundering activities in Ukraine and outline approaches to increase the effectiveness of combating money laundering in the country. The current state of the problem of money laundering is analyzed based on the study literary sources, regulatory framework and their discussion in the Ukrainian society. An attempt was made to systematize the factors influencing the increase in the level of money laundering. The consequences of increasing the level of money laundering for Ukraine have been determined: a shortfall in state budget revenues, a decrease in the level of the social sphere financing, reduced living standards of the population. It has been emphasized that there is a need for a comprehensive approach to the problem of money laundering, which will include ongoing training for financial audit specialists, the establishment of special units to investigate money laundering crimes, enshrining the classification of money laundering crimes in regulatory documents and the establishment of criminal liability for their commission.

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    • Figure 1. Anti-money laundering measures
    • Project administration
      Sergij S. Vitvitskiy
    • Supervision
      Sergij S. Vitvitskiy
    • Writing – original draft
      Sergij S. Vitvitskiy, Oleksii M. Skriabin
    • Conceptualization
      Oleksandr N. Kurakin, Oleksii M. Skriabin
    • Data curation
      Oleksandr N. Kurakin, Pavlo S. Pokataev
    • Investigation
      Oleksandr N. Kurakin, Dmytro B. Sanakoiev
    • Formal Analysis
      Pavlo S. Pokataev , Oleksii M. Skriabin
    • Resources
      Pavlo S. Pokataev , Dmytro B. Sanakoiev
    • Writing – review & editing
      Oleksii M. Skriabin, Dmytro B. Sanakoiev