The Cabinet of Ministers at a meeting on Sept. 25 supported the draft law on preventing and combating money laundering, financing terrorism and financing proliferation of weapons of mass destruction, aimed at comprehensively improving national legislation in the field of financial monitoring.
“This bill adapts Ukrainian legislation on preventing and combating money laundering with the norms of the fourth EU Directive 2015/849 and EU Regulation 2015/847, the standards of the Financial Action Task Force (FATF),” the Ministry of Finance said on its website.
The adoption of the bill will allow implementing one of the key conditions for the EU to provide the second tranche of macro-financial assistance in the amount of 500 million euros.
The bill details the mechanism for freezing assets and stopping financial transactions, strengthens requirements for disclosing the ultimate beneficial owners of companies. The maximum fine is proposed to be set at 10 million tax-free minimum incomes of citizens but not 1 percent of the amount of registered capital, as previously proposed, the Ministry of Finance explained.
At the same time, it is proposed to increase the amount of financial transactions that are subject to mandatory financial monitoring from Hr 150,000 to Hr 400,000, and the number of signs of such operations is reduced from 17 to four, the Finance Ministry noted.
