INTERNATIONAL EXPERIENCE IN USING INNOVATIVE TOOLS OF STATE FINANCIAL CONTROL OVER ILLEGAL FINANCIAL FLOWS
Abstract
Effective financial control often requires cooperation between countries and international organizations. The study of international experience contributes to the development of mechanisms of international cooperation and information exchange to combat illegal financial flows. The article examines the international experience of using innovative tools of state financial control to combat illegal financial flows. Emphasis is placed on the analysis of modern practices in countries with developed systems of financial control, such as the USA, Great Britain, Germany, France, and Japan. The main tools used to detect and prevent illegal financial flows are described, including automated transaction monitoring systems, analytical platforms based on artificial intelligence, as well as methods of a risk-based approach to auditing. Special attention is paid to the role of international cooperation and information exchange between financial institutions of different countries, which allows more effective detection and termination of activities related to money laundering and terrorist financing. The article also analyzes the legal acts that regulate the use of innovative financial control tools in different countries and their compliance with international standards, such as FATF recommendations. The challenges and risks associated with the introduction of the latest technologies into the financial control system, including issues of data confidentiality and protection of human rights, were studied. The analysis of indicators and methods of assessment of illegal financial flows was carried out, the formation of illegal financial flows in modern globalized conditions was analyzed, the experience of other countries with regard to state financial control and its effectiveness was studied, innovative approaches and technologies that could be used to improve the financial control system and the possibility of their implementation of financial control in Ukraine. In addition, the evaluation of the effectiveness of the proposed innovative tools in the fight against illegal financial flows was carried out and the need for the development of such an assessment methodology, which would allow measuring the real impact of new technologies on reducing the volume of illegal financial flows, was substantiated.
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