Ukraine will report on compliance with recommendations of the Financial Action Tax Force (FATF) regarding combating money laundering and financing terrorism at a first plenary session of the organization in 2019, according to a report of the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL).

In the document the experts analyzed the meeting of 40 recommendations of FATF by Ukraine and gave advises how to implement them more effectively.

The report contains remarks to the Unified State Register of legal persons, Private Entrepreneurs, and Civil Associations (USR) regarding the verification of information about beneficiary owners.

The experts said that the register contains all basic information and makes it available for the public online, but the registrar does not guarantee the accuracy of information.

"While the law enforcement agencies are able to levy criminal sanctions for providing false or misleading information to the USR, there are only around 1% of such referred cases being prosecuted," the experts said.