Interdepartmental Cooperation for the sustainable Development of Ukraine’s Financial System in Wartime Conditions (on the Example of the SSU and the SBI)

Abstract

The article is aimed to examine the mechanism of interaction between the national financial intelligence unit – the State Financial Monitoring Service of Ukraine (SFMS) – and separate law enforcement agencies (the Security Service of Ukraine and the State Bureau of Investigations) in exercising financial control during wartime. The methodological basis consists of a set of scientific research methods ensuring the objectivity of the study, namely: systematic approach the method of analysis, logical, content analytical, formal-legal (dogmatic), comparative analysis, graphical modeling, scientific abstraction and generalization methods. The elements of the national financial monitoring system were studied. The powers and functions of the SFMS as national financial intelligence unit were examined. The jurisdiction of the Security Service of Ukraine (SSU) and the State Bureau of Investigations (SBI) was determined. The features of cooperation between the Ukrainian FIU and these law enforcement agencies were considered, as well as relevant legal instruments governing these issues were analyzed. Statistical analysis of the effectiveness of cooperation between the SFMS, the SSU, AND the SBI under the legal framework of martial law was conducted. It was concluded that with the onset of Russia’s armed aggression, the State Financial Monitoring Service, as the national financial intelligence unit, radically revised its operational strategy, focusing on holding the aggressor country accountable under international law. The institution’s key efforts are aimed at exposing ML/TF/PFI schemes, identifying and freezing the foreign assets of sanctioned individuals, and restricting their access to global financial and crypto platforms with law enforcement agencies contributing to these processes.

Key words: State Financial Monitoring Service (SFMS); Security Service of Ukraine (SSU); State Bureau of Investigations (SBI); national financial intelligence unit (FIU); cooperation; ML/TF/PFI schemes.