Financial Monitoring System Employee Day in Ukraine Date in the current year: November 28, 2024

The State Financial Monitoring Department of Ukraine was created within the Ministry of Finance in 2002 to better implement the recommendations of the FATF (Financial Action Task Force), an intergovernmental organization founded to combat money laundering and terrorism financing. It began to function properly in June 2003, following the adoption of the Law of Ukraine on Prevention and Counteraction to Legalization (Laundering) of Proceeds from Crime.

In 2004, the State Financial Monitoring Department of Ukraine was admitted to the Egmont Group of Financial Intelligence Units, an international organization established in 1995 to facilitate cooperation and intelligence sharing between national financial intelligence units in the fight against money laundering and terrorism financing.

Several months later, the State Financial Monitoring Department wad transformed into the State Financial Monitoring Committee in order to raise its status to the level of a central executive body. During the optimization of the system of central executive bodies of Ukraine that took place in 2011, the committee was reorganized into the State Financial Monitoring Service of Ukraine (SFMS).

The SMFS is a central executive body that functions as the national financial intelligence unit. Its activities are directed and coordinated by the Cabinet of Ministers through the Minister of Finance of Ukraine. Its key tasks are implementing the state policy in the field of counteracting the legalization (laundering) of proceeds from crime, terrorism financing and proliferation of weapons of mass destruction; conducting operational and strategic analysis of information on financial transactions subject to financial monitoring; conducting national risk assessments; representing Ukraine in relevant international organizations.

The SFMS consists of three operational structural divisions (the Financial Investigations Department, the Information Technologies Department, the Financial Monitoring System Coordination Department), as well as a number of divisions and specialists responsible for activities in particular areas, such as international cooperation, analytics, prevention and detection of corruption, legal issues, etc.

According to the decree issued by President Volodymyr Zelensky, Financial Monitoring System Employee Day was created in order to highlight the significant contribution of these professionals to the establishment of Ukraine’s status as a reliable partner of the international community in the field of preventing and fighting against money laundering, terrorism financing and proliferation of weapons of mass destruction.

On the occasion of their professional holiday, employees of the financial monitoring system of Ukraine are congratulated by the head of the SFMS and their immediate superiors.