From November 25 to 29, 2024, a Ukrainian delegation led by the First Deputy Minister of Finance of Ukraine, Denys Uliutin, visited Ottawa. The delegation included representatives from the Ministry of Finance of Ukraine, the State Financial Monitoring Service, and the Security Service of Ukraine.

The main goal of the visit was to study Canada's experience in combating money laundering and terrorism financing, as well as to strengthen cooperation between the financial intelligence units of the two countries.

During discussions, the Ukrainian side analyzed Canada's experience in financial investigations, particularly those conducted using artificial intelligence, which could potentially be implemented in Ukraine. This is crucial for aligning Ukraine's financial monitoring system with the best global standards in this field.

During the visit, meetings were held with representatives of FINTRAC (Canada's Financial Transactions and Reports Analysis Centre) and the Egmont Group.

Through the work of FINTRAC specialists, Canada demonstrates one of the best global practices in combating money laundering and terrorism financing. One of FINTRAC's recent initiatives includes strengthening control over financial transactions linked to Russia.

In his opening remarks, Denys Uliutin informed his Canadian colleagues about Ukraine’s efforts to enhance anti-money laundering measures.

"Despite the full-scale war, Ukraine continues to improve its legislative framework regulating the fight against money laundering and terrorism financing. We do so following FATF standards, EU Directives, and Regulations, as we aim to become leaders in this field and fulfill the requirements for EU membership. To meet the EU accession criteria, the Government of Ukraine has established an interagency working group to facilitate Ukraine’s integration into the Single Euro Payments Area (SEPA). In addition, the Ministry of Finance, in cooperation with other government bodies, is preparing legislative initiatives to improve the financial monitoring system."

The visit of the Ukrainian delegation marked another step in strengthening cooperation with international partners and aligning Ukraine's legislation with the best global standards.