FUNCTIONS OF THE FINANCIAL INTELLIGENCE (MONITORING) FROM THE CRIMINAL LEGAL PERSPECTIVE

Abstract

Given the level of economic crime and the growth of money laundering, the issue of conducting a comprehensive analysis of financial intelligence (monitoring) is relevant. It is one of the effective mechanisms in combating the legalization of so-called criminal proceeds. In the article, the authors focused on the main functions of financial intelligence (monitoring). The primary and essential directions of its influence on social phenomena and theoretical and practical purpose directions were determined. Financial intelligence (monitoring) should be seen in the context of its affiliation as one of the elements of the public duty of the state, which plays a leading role in combating the legalization of the proceeds of crime. The authors emphasized that the International Standards for Combating Money Laundering and Terrorist Financing, developed by the Financial Action Task Force on Money Laundering (FATF), provide a set of measures and procedures to identify financial transactions related to money laundering, and which are entrusted to the financial sector of each country. The authors agree with the position that all procedures and methods of financial intelligence (monitoring) are to some extent reduced to solving three functional tasks or performing three main functions: identification of participants in the financial transaction; recording information about suspected transactions and their participants; informing the specially authorized body about suspicious transactions. However, the authors also classified and identified the following functions of financial intelligence (monitoring): (1) information-analytical; (2) preventive; (3) law enforcement; and (4) stabilization (mobilizing).

Keywords

• economic crime
• shadow economy
• financial system
• financial intelligence (monitoring)
• financial intelligence (monitoring) functions
• money laundering