The article deals with peculiarities of implementing of the updated Recommendations of the Financial Action Task Force (FATF), the Fifth Directive of Council of Europe (5AMLD) in the legislation of Ukraine and the activities of the National Anti-Money Laundering and Terrorist Financing System (AML/CFT) and effective practices of dealing with them. The article analyzes international and European guidelines on the circulation of virtual assets and the activities of service providers with virtual assets, a draft Law of Ukraine “On Virtual Assets” and amendments to the Tax Code of Ukraine. The article also considers the current challenges of development and operation of the global crypto market and strategic planning of international cooperation in addressing these issues, as well as the action plan at the national level. In addition, the article discusses the next steps to regulate the so-called private “tokens” issued on existing platforms in the fundraising order and the so-called “stable coins” and digital currencies of the central bank (CBDC). These trends have forced various regulators, standard-setting bodies, and legal scholars to shift their focus and expand their vocabulary from the term “cryptocurrency” to the broader concept of “cryptocurrencies”. In particular, the article considers the risks of delaying in Ukraine the implementation of international AML standards, amendments to national tax legislation, interaction with the banking sector. Particular attention is paid to the measures of the Ministry of Digital Transformation of Ukraine to reduce threats to the use of virtual assets in the shadow economy, the development of fraud in cyberspace, cybercrime to develop a transparent civilized crypto market and digital technologies in general.

Introduction. The introduction of international sanctions as a tool to counter military aggression by the Russian Federation in Ukraine affected the priorities of anti-legalization activities at the global level. Recently, the use of the latest technologies has attracted the attention of FATF and other international organizations. With the beginning of the unprovoked aggression against Ukraine, operative and effective assistance to the country was organized through the collection of funds by charitable crypto funds. Problem.The latest technologies have ensured the active citizenship of people from different countries of the world. On the other hand, such activity, related to the support of the Ukrainian people, also activated the criminal world, whose transactions were passed off as charitable activities. Goal. Provide a brief summary outlining national priorities as well as some practical definitions and financial red flags of financial and crypto market activity. Methods. General and special methods are used: analysis, synthesis, grouping, description, comparison, theoretical generalization, and abstract-logical. Results. Attention is focused on the urgent need for further implementation of international standards in the field of combating the use of proceeds of crime and the financing of terrorism in Ukraine, which, with Ukraine's acquisition of the status of a candidate for membership of the European Union, has become a component of the necessary steps for membership in the European community. Conclusions. The final decision on the issue of the immediate introduction of regulation of the virtual assets market, registration of its participants, interaction with foreign regulatory and law enforcement agencies of this economic sector will contribute to more effective implementation of sanctions to stop Russian aggression in Ukraine, restoration and modernization of the state, and Ukraine's integration into the European Union.

Introduction. The introduction of international sanctions as a tool to counter armed aggression by the Russian Federation in Ukraine aims to limit the resources of the aggressor country. Problem Statement. Sanctions are applied to different sectors of the economy and the following sanctions are developed by countries taking into account revious results. Purpose. The aim is to develop proposals to increase the impact on the implementation and effectiveness of international sanctions, the need for rapid and optimal action to legalize the crypto market, and implement a risk-oriented approach to cooperation between crypto and financial markets operators in Ukraine based on the analysis of sanctions circumvention schemes applied to banks,companies and individuals of the Russion Federation. Methods. General and special methods are used: analysis, synthesis, grouping, description, comparison, theoretical generalization, and abstract-logical. Results. Emphasis is placed on the urgent need to regulate the market for virtual assets in Ukraine, which requires a regulatory influence on national cryptocurrency operators involved in avoiding sanctions imposed on Russian banks, companies, and individuals, establishing interagency teams to investigate such activities, cooperation with foreign and international entities that the Russian federation. Conclusions. The final decision on the immediate introduction of regulation of the virtual assets market, registration of its participants, and cooperation with foreign regulators and law enforcement agencies in this economic sector will promote more effective sanctions to stop russian aggression in Ukraine, provide evidence to international organizations to include aggressor countries in FAFT sanctions list and war crimes investigation.

, she served as a Senior Advisor at the Department of the Treasury, helping senior officials formulate anti-money laundering and counterterrorist financing policy and develop financial sanctions. In this capacity she also helped to oversee financial regulatory enforcement activities. EDOARDO SARAVALLE is a Joseph S. Nye Jr. Research Intern for the Energy, Economics, and Security Program at CNAS. Previously he worked as an investment banker at Moelis & Company. JULIA SOLOMON-STRAUSS is a Program Associate at the Center on Law and Security at NYU School of Law. Previously she worked at Harvard Business School's Europe Research Center in Paris and the Chicago Council on Global Affairs. She holds a bachelor's degree in social studies from Harvard College and a master's of philosophy (history) from the University of Cambridge.

The paper outlines the necessity of switching the bill circulation into an electronic form for increasing the speed and transparency of operations, preventing the use of bills in criminal and risk operations, including suspicious financial transactions in relation to the risk of legalization (laundering) of proceeds derived from criminal activity. Also, the paper also reveals the issues of the preservation of the exchange law rules, especially the use of electronic signature for the verification of bill transactions. The article presents the international experience of the development of legislation on the bill circulation in electronic form, the experience of other countries in the implementation of these standards in practice. In this paper the measures directed on counteraction to washing of the profits got a criminal way are considered about the financial transaction with using bills of exchange and promissory notes. This article demonstrates that it is possible, through the legislation of digital signatures, for electronic promissory notes to conform to requirements that certain kinds of contracts be memorialized in a writing, signed by the party to be charged, with sufficient content to evidence the contract. On the other hand, most of the European countries and South American countries have adopted the Uniform Law of Geneva for Promissory Notes to regulate this financial instrument. Once again, it will be shown in this paper that the solution proposed here does not negatively affect the parameters of the European Law. Thus, the article recommended mechanisms to accelerate the integration of national financial markets into the global on-demand contemporary global processes. У статті викладено обгрунтування необхідності переходу обігу векселів у електронну форму для підвищення швидкості і прозорості операцій, запобігання використання векселів в злочинних та ризикових операціях, в тому числі підозрілих щодо ризику легалізації (відмивання) доходів, отриманих злочинним шляхом фінансових операціях. Також у статті розкриті питання збереження норм вексельного права, особливо використання електронного підпису для завірення операцій з векселями. В статті надається міжнародний досвід розвитку законодавства щодо обігу векселів в електронній формі, досвід інших країн щодо впровадження цих норм у практичну діяльність. У статті розглянуто заходи, спрямовані на протидію відмиванню доходів, одержаних злочинним шляхом, щодо фінансових операцій з використанням простих і переказних векселів. У статті продемонстрована можливість через легалізацію цифрових підписів та застосування їх в обігу векселів в електронній формі, дотримання вимог, щоб певні види договорів були зафіксовані у письмовій формі, підписаної стороною, яка підлягає стягненню, з достатнім змістом для підтвердження договору. З іншого боку, більшість європейських країн та країн Південної Америки прийняли Уніфіковану Женевську конвенцію щодо обігу векселів для регулювання цим фінансовим інструментом. Ще раз в статті буде показано, що запропоноване рішення не впли