Shevchenko M. Prevention and Counteracting the Laundering the Proceeds of Corruption by Politically Exposed Persons: Administrative Rules and Regulations

The thesis represents a theoretical generalisation and a new solution to the scientific problem – further development of the theoretical foundation and legal grounds for organisation and functioning of the system of administrative legal measures for preventing and counteracting laundering the proceeds of corruption by politically exposed persons. The Ukrainian administrative legal system for prevention and counteracting laundering the proceeds of corruption by politically exposed persons, having embraced relevant international standards for combating of money laundering and the financing of terrorism and proliferation of weapons of mass destruction, encompasses composition of politically exposed persons, their family members and close associates; having appropriate risk-management systems to determine whether the customer or the beneficial owner is a politically exposed person; performing normal customer due diligence measures, including assessment of money laundering and financing of terrorism risk of politically exposed person; taking reasonable measures to establish the source of wealth and source of funds; obtaining senior management approval for establishing (or continuing, for existing customers) business relationships with politically exposed person; conducting enhanced ongoing monitoring of the business relationship; reporting of transactions above the applicable designated threshold and suspicious transactions; refraining from carrying out transactions; record-keeping.