Ukrainian Government Finalizes Money Laundering Laws Based on the FATF Recommendations

The Ukranian government has finalized a money laundering law for virtual assets and virtual asset service providers based on the recommendations put forward by FATF. Ukrainian legislative body Rada published the final version of the law on December 6th.

As per the published version, digital assets are categorized as a store of wealth, and also noted its potential as a tool for illicit activities including money laundering, and other kinds of fraud.

Ukraine who recently got Binance on board to help it formulate crypto legislation. The leading crypto exchange by trading volume signed a memorandum of understanding with the Ministry of Digital Transformation of Ukraine in November. The partnership would see Binance helping Ukraine in blockchain implementation as well as help them create a new market for virtual assets.

The Final Version of the Law

The final version of the law surrounding the virtual assets contains various guidelines for the authorities and the service providers. The published version contains the guide for the government on how to monitor and regulate crypto trading in the country. One such guideline suggests that crypto traders making trades worth $1,300 or above are required to submit their public key to the government for monitoring purposes.

The guideline suggests if the trader makes a trade higher than $1,300, then the identity of the sender and receiver will be verified by the government. Another guideline suggests that virtual asset service providers dealing in assets above $1,600 need to inform authorities about the customers they are dealing with.

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Author: Hank Klinger