On December 6, the Verkhovna Rada generally supported this draft law.
The consequence of the adoption of the said law will be:
- simplification of the reporting procedure for financial transactions for the subjects of primary financial monitoring (hereinafter - SPS) (banks, insurers, payment organisations, etc.). For example, the amount of the amount of financial transactions subject to mandatory financial monitoring increases from 150 to 400 thousand UAH;
- application of a risk-based approach during the procedure of customer checks, transition to a case-based method of suspicious transactions reporting;
- introduction of new types of SPS: persons who provide information and consulting services on taxation issues;
- improvement of the procedure for disclosing by the business entities their ultimate beneficial owners (controllers) and toughening the requirements for identifying the SPS of the beneficial owners of their customers;
- introduction of international assets freezing tools and regulation of the activities of the SPS with assets related to terrorism and its financing;
- improvement of legislative aspects that affect the quality of investigation of crimes in the field of legalisation (laundering) of proceeds from crime;
- improvement of legislative provisions ensuring the confidentiality of the receipt and implementation by the SFM of requests, decisions and instructions of the State Financial Monitoring, and, as a result, protection of the SFM from threats, discriminatory actions and other negative consequences associated with the implementation of measures for initial financial monitoring;
- establishing a transition to tracking money transfers as a tool to prevent, detect and investigate cases of money laundering and terrorist financing, as well as to implement restrictive measures.
- introduction of responsibilities for payment systems:
(2) ensure the availability and completeness of information about the payer and payee;
(3) establish measures aimed at countering the manipulation of money received from crimes related to the legalisation (laundering) of proceeds from crime and the financing of terrorism.