Ukraine's president says his country must step up efforts to fight money laundering if it is to be removed from an international financial blacklist.

Speaking in Kiev, Leonid Kuchma said Monday that Ukraine needs to increase financial monitoring and amend its banking and financial laws to block suspect transactions by the end of October.

The Financial Action Task Force lifted sanctions against Ukraine earlier this year after the country made some progress in fighting money laundering. But Ukraine still remains on the task force's blacklist of uncooperative countries.

The FATF was created in 1989 by leaders of the Group of Seven industrialized nations and the European Commission with the participation of eight other nations.