Memorandum Essence:
This is an international cooperation agreement between the financial intelligence units of Ukraine and Jersey regarding combating money laundering and terrorist financing. The document establishes rules for information exchange between services to identify suspicious financial transactions and persons involved in financial crimes. The memorandum ensures confidentiality of data exchange and defines the procedure for their use.
Structure and Main Provisions:
– The memorandum consists of 10 articles regulating all aspects of cooperation
– Defines the mechanism of information exchange through the Egmont Group’s secure communication channel
– Establishes English as the official language for communication
– Provides for an indefinite duration with the possibility of termination upon 3 months’ notice
Key Provisions for Practical Application:
1. Parties may exchange information both upon request and on their own initiative
2. Received information can be used only for intelligence purposes and requires prior consent for transfer to third parties
3. A high level of confidentiality protection for received information is established
4. Provision is made for refusal to provide information if it may harm national interests or if judicial proceedings are already initiated
