On June 23, 2022, a meeting of the European Council was held with the participation of the leaders of EU member states, at which a historic decision was made unanimously for Ukraine: our country was granted the status of a candidate for European Union membership. However, this decision was approved under certain conditions which Ukraine has to fulfil them in time – by the end of this year. To implement the conclusions and recommendations of the European Commission on Ukraine’s status of EU candidate, the State Financial Monitoring Service of Ukraine has sent to the Cabinet of Ministers the list of requirements for execution, which are related to the urge of ensuring that anti-money laundering legislation of Ukraine complies with The Financial Action Task Force (FATF) standards.
The requirements include:
– criminalizing the smuggling of goods, as well as supplementing the Unified State Register of Legal Entities, Individual Entrepreneurs and Public Associations with information on beneficial owners;
– improving the supervision of the entities of primary financial monitoring: auditors, accountants, lawyers, etc;
– improving the legislation on real estate brokerage;
– creating a Unified Register of accounts of individuals and legal entities, individual bank safes as a single state information system;
– changing the legislation on the implementation of the mechanism of verification of final beneficial owners.
Further steps towards EU accession will be taken after Ukraine fulfills all these conditions. At the same time, the country needs to submit the first report on the assessment of compliance by the end of this year.
Follow us on Facebook, Twitter, LinkedIn, or YouTube .
