The President of Ukraine signed the law on politically exposed persons – the last step to begin negotiations on Ukraine’s membership in the EU.
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Vladimir Zelensky announced the signing of the law “On preventing and combating the legalization (laundering) of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction” regarding politically exposed persons during the traditional evening video message on October 26.
This law gives strength to financial monitoring of the lives of key government officials and people’s deputies. And its adoption is a clear signal of how seriously Ukraine takes the task of joining the European Union and making the work of its state institutions truly clean,” he noted.
Bill No. 9269-d on financial monitoring of officials is one of the two key requirements of the International Monetary Fund for Ukraine to receive the third tranche at the end of this year. The IMF program includes other international financial assistance for the state.
In addition, the adoption of the bill is necessary to begin negotiations on Ukraine’s accession to the European Union.
Politically exposed persons in Ukraine are people who occupy or have held important government positions (presidents, prime ministers, ministers and their deputies, deputies, senior political figures, officials of the judicial system, law enforcement agencies, justice, defense, management of the National Bank, etc. .), members of their families and related persons (for example, business and business partners).
Lifetime PEP status does not mean that former officials will be intensively checked for the rest of their lives, NBU head Andriy Pyshny promised.
The main innovation of the law: instead of three years after the post, top officials (PEP) will actually have lifelong RER status. More precisely, a year plus a “risk-based approach”
At the same time, the bill strengthens the liability of primary monitoring subjects (for example, banks) for unjustified refusal to users of financial services.
Source: Racurs
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.