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ARTICLE · 24 JANUARY 2020

Ukraine Tightens Rules On Disclosure Of Ultimate Beneficial Owners

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On April 28, 2020, the Law of Ukraine "On Preventing and Counteracting the Legalization (Laundering) of the Proceeds of Crime, Financing Terrorism and Financing of the...

UkraineCompliance

On  April 28, 2020,  the Law of Ukraine "On Preventing and Counteracting the Legalization (Laundering) of the Proceeds of Crime, Financing Terrorism and Financing of the Proliferation of Weapons of Mass Destruction" (the "Law") dated December 6, 2019, will enter into force.

It introduces inter alia amendments to the Law of Ukraine "On State Registration of Legal Entities, Individuals - Entrepreneurs and Public Organizations" by obliging legal entities to maintain up-to-date information on the ultimate beneficial owners and ownership structure of the legal entity and to update such information on a regular basis.

Pursuant to the Law, the state registrar will establish the data on the ultimate beneficial owners of the legal entity on the basis of the following documents:

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