The Department of Accounting and Auditing considered international standards in the field of prevention and counteraction to money laundering

On June 1, 2022, Natalia Vnukova, the Professor at the Department of Banking and Financial Services of KhNEU named after S. Kuznets, Doctor of Economics, Professor, Honored Economist of Ukraine, gave a guest lecture to the teachers of the Department of Accounting and Auditing of Ferenc Rakoczi II Transcarpathian Hungarian College of Higher Education. The topic of the lecture was: “International Standards and International Cooperation in Preventing and Combating Money Laundering, Terrorist Financing and the Proliferation of Weapons of Mass Destruction: Recommendations for Auditors and Accountants”.

The relevance of the chosen topic of the lecture is unconditional in light of current events in Ukraine and the world in general. The lecturer began her speech by focusing on the results of the FATF plenary session of March 2-4, 2022 and the public statement of the FATF on the situation in Ukraine. In particular, the FATF, as a global body that sets standards for combating money laundering, has expressed serious concern about the impact of the invasion on terrorist financing and arms proliferation, the emergence of new risks resulting from Russia’s aggression against Ukraine.

Outlining the historical aspects of the FATF, the development of recommendations and their further improvement, the peculiarities of Ukraine’s membership in the Egmont Group (Association of Financial Intelligence Units), the speaker stressed the need to take into account major international standards in the professional activities of auditors and accountants. Particular emphasis is placed on the risk-oriented approach, ie the introduction of a risk management system at the level of the subjects of primary financial monitoring and the development of procedures for detecting, assessing, monitoring and reducing the risks of money laundering and terrorist financing.

Summing up, Prof. Natalia Vnukova stressed the main problems and prospects for the development of the financial monitoring system in Ukraine. Among problems she highlighted lack of quality staff and lack of clear criteria for identifying financial services as subject to financial monitoring.

The topic of the lecture emphasized the importance of training specialists, particularly in the field of financial security both at the state level and at the level of business entities.

We are very grateful to Natalia Mykolayivna for the lecture and the opportunity to hear her main scientific results on the topic of financial monitoring, which can be valuable not only for students but also for practicing accountants and auditors.


Prepared by:

Nina Poyda-Nosyk,

Doctor of Economics, Professor

Professor at Accounting and Auditing Department