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Finance ministry intends to improve verification of ultimate beneficiaries – bill

Ukraine's ministry of funds seeks to improve transparency of financial transactions
12:24, 22 January 2018

Open source

Ministry of Finance seeks to improve the process of verification of ultimate beneficiaries of corporations, so that it could be determined if they are in the register as ultimate beneficiaries, owners or individuals. The revised bill amending some of Ukraine’s laws in the area of preventing and combating money laundering, funding of terrorism and financing proliferation of weapons of mass destruction, has been posted on the ministry’s official website, Interfax-Ukraine reports.

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Particularly, the bill provides for obligatory establishment for financial monitoring authorities to determine ultimate beneficiaries of most financial institutions and representatives of regulated individuals, including accountants, auditors, attorneys, notaries, lawyers, realtors and tax advisers.

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The ministry also points out the fact that the bill will introduce new rules regarding the financial transactions of high-ranking members of the government and civil servants, judges, prosecutors, members of the parliament and their dependants, all of which will now have to provide the necessary documentation about their financial and property assets.

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On the other hand, the bill is expected to enlarge the circle of primary subjects of financial monitoring who are obliged to inform the State Financial Monitoring Agency of Corruption (NACP) about suspicious transactions, at the expense of indivuals providing information and consulting services on taxation, the explanatory memo accompanying the bill reads.

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Other obvious changes set out by the bill include the relaxation of criteria for determination of politically significant persons based on declarations filed to the National Agency for Corruption (NACP) and the creation of the state register of national public figures and their families.

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Nonetheless, the bill creates the obligation for payment systems to include data about the information about the payer and the recipient. The bill also seeks to ensure the adequacy of this information.

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