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Methodology for determining Ultimate Beneficial Owner approved

The February’s assessment of the European Commission suggested that Ukraine had some level of preparation (level 2 out of 5) in the area of company law. The focus was made on the need to align with more recent EU acquis and further attention to administrative capacity and practical implementation of the approximating legislation in the area of public oversight in particular. Certain steps have been made in the meantime, with another milestone achieved in September. 

On 19 September, the Government approved the Resolution on the Methodology for determining the Ultimate Beneficial Owner of a legal entity. As stipulated in the official statement, this is one of the key elements in creating a comprehensive system for verifying information about the ultimate beneficial owner (UBO). The Methodology is a regulatory document that helps to establish a unified approach to determining real company or NGO owners.

Public informing about beneficiaries is one of the requirements of the EU-Ukraine Association Agreement and is a key for the implementation of the FATF International Financial Monitoring Standards into Ukrainian legislation. With the new methodological document, the Ministry of Finance of Ukraine suggests that it has fully implemented the UBO Guidelines published by the FATF in March 2023.