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The President has undersigned the Law of Ukraine No. 2736 to adjust the legislation to specific FATF standards and requirements of the EU Directive 2018/843.

стандартів FATF та вимог Директиви ЄС 2018/843. The President has undersigned the Law of Ukraine No. 2736 to adjust the legislation to specific FATF standards

The President has undersigned the Law of Ukraine No. 2736 to adjust the legislation to specific FATF standards and requirements of the EU Directive 2018/843.

The founder and CEO of Incolanse Legal Company, PhD in Law and a lawyer, Olha Drachevska, notes that FATF is the international group to prevent money laundering. FATF –  Financial Action Task Force develops and implements throughout the world means and standards to combat money laundering.

What does Law 2736 stipulate?

  • The document improves regulation and supervision over specially indicated initial financial monitoring objects (IFMO). Namely, it eliminates restrictions relating to economic sanctions imposed on IFMOs.
  • The term of a politically significant person decreases from a lifetime to 3 years after the resignation from a position.
  • Exempts some IFMO from liability for failure to fulfil their responsibilities if the said IFMO exists in the war zone, temporarily invaded territories of Ukraine and can’t carry out the initial financial monitoring.

Protecting the Ukrainian financial system

The Law of Ukraine 2736 also imposes some restrictions on persons associated with the RF and Belarus, namely:

  • the citizens of RF and Belarus are forbidden to manage and govern IFMOs;
  • – making IFMOs liable to report to the State Financial Monitoring Service of Ukraine on threshold transactions with persons associated with RF and (or) Belarus.

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