Politics
parliamentRada passes in the first reading the bill obligating the companies to disclose information about their beneficiaries
The Verkhovna Rada of Ukraine has passed in the first reading the government bill No. 5114 On Introduction of the Amendments to Several Legislative Acts of Ukraine Concerning the Determination of the Final Beneficial Owners of Legal Entities and Public Figures. 247 MPs voted for the bill.
Then, the deputies supported the proposal to vote for the bill in general at the session on October 14.
Earlier Premier Arseniy Yatsenyuk said that if the specified law is approved, any economic entity will be obliged to disclose information about their beneficial owners.
“Now the companies are registered in an offshore jurisdiction, but the public officials, members of the government or employees of the presidential administration can be their beneficial owners. You cannot see it. That is why the main purpose of the law is to disclose information about all beneficial owners of the Ukrainian companies and not to allow the officials to hide with relatives in an offshore jurisdiction or with any other third persons who are nominal owners, but in fact, the officials are the beneficial owners,” he added.
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