PECULIARITIES OF FINANCIAL MONITORING IN AUDITING
Journal Title: Юридичний науковий електронний журнал - Year 2016, Vol 3, Issue
Abstract
The article deals with approaches to defining the essence of financial monitoring as a preventive measure to prevent and counteract money laundering of «dirty» money. It outlines established by law and based on FATF recommendations corresponding identified suspicious transactions: 1) to identify transactions obligatory for financial monitoring; 2) for transactions being obligatory for internal financial monitoring. The peculiarities of financial monitoring procedure implementation by such entities specially designated as auditors and audit firms in the context of current legislation are considered. The attention is focused on the fact that duties in the audit sector (entity of initial financial monitoring) provided by auditors, audit firms, entities providing accounting services to clients in accordance with FATF Recommendations in the following areas: in the implementation of purchase and sale of real estate needed to manage assets; if necessary in managing a bank account or securities account; if necessary to raise funds for the formation of a new legal entity and to ensure it with cash; in the case when you create a new legal entity and support of its audit procedures or management; the implementation of sale of legal entities (corporate rights). The article highlights a number of factors that contribute to the laundering of «dirty» money in our country: the imperfection of mechanisms of control and monitoring of financial institutions; failure of international standards of financial regulation developed by specialized international organizations; corruption among state executive, judicial and even law enforcement authorities; inability or limited to the exchange of financial information with foreign law enforcement authorities in terms of financial monitoring of such specially designated entities as auditors, audit firms are not fully developed meaningful, logical regulatory coordination concerning risk assessment. Recommendations on optimizing and improving of the financial monitoring subjects such as auditors, audit firms are given.
Authors and Affiliations
В. К. Цой
Keywords
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