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Ukraine: Ministry of Finance announces development of regulatory framework for financial monitoring

The Ministry of Finance ('the Ministry') announced, on 21 May 2020, the development of a regulatory framework for financial monitoring. In particular, the Ministry noted that, following the enactment of the Law of Ukraine On Prevention and Counteraction to Legalization (Laundering) of Proceeds from Crime, Financing Terrorism and Financing the Proliferation of Weapons of Mass Destruction, the development of regulation within the field of financial monitoring is necessary. Lastly, the Ministry emphasised that legal entities must comply with transitional provisions regarding registration within three months of the legislation taking effect.

You can read the press release, only available in Ukrainian, here.