00:27 GMT08 March 2021
Listen Live
    Europe
    Get short URL
    827
    Subscribe

    According to reports, the International Monetary Fund is aiding the Ukrainian government in its efforts to fix the country’s weak anti-money-laundering regulations.

    WASHINGTON (Sputnik) The International Monetary Fund (IMF) is aiding the Ukrainian government in its efforts to fix the country’s weak anti-money-laundering regulations, the IMF said in a staff discussion note on Wednesday.

    "The IMF is providing assistance to Ukraine to address the risks of laundering the proceeds of corruption," the note stated.

    The IMF explained that "weak" anti-money-laundering frameworks allow individuals to transfer ill-gotten funds abroad, while using commercial banks and offshore corporate vehicles.

    "While it is still too early to meaningfully assess the anti-corruption bureau established under Ukraine’s current IMF-supported program, a major source of contention has been the resistance to allowing civil society experts to play a role in its establishment," the note added.

    The sense of urgency in the need to address corruption globally is pressing as illicit proceedings amount to about $1.5 to $2 trillion every year, the IMF pointed out.

    In February, IMF Managing Director Christine Lagarde announced that Ukraine risks returning to a pattern of failed economic policies characterized by slow progress in fighting corruption and influence in policymaking.

    Following the statement, Ukraine’s President Petro Poroshenko reassured the international community of Kiev’s commitment to reform and anti-corruption measures.

    Related:

    Trade Disruption in Case of Brexit Risk Factor for EU Economy - IMF
    IMF Chief Urges Greece's Lenders to Focus on Debt Relief
    Rising Migration Among Risks to Economy of Several European Regions - IMF
    Tags:
    International Monetary Fund, money laundering, corruption, Ukraine
    Community standardsDiscussion