The Council of Europe continues to support national partners in Ukraine in their efforts to strengthen their beneficial ownership disclosure and verification mechanisms in compliance with international standards and recommendations. On 01-02 July 2021, the Council of Europe national and international experts contributed to the interagency conference on "Transparency of ultimate beneficial ownership: lessons and prospects", initiated by the State Financial Monitoring Service of Ukraine.
Attended by representatives of a wide range of Ukrainian public authorities included in the national anti-money laundering and counter terrorist financing system as well as the private sector, the event focused on issues that would assist them towards a deeper understanding of the current problems of verification of data on ultimate beneficial owners, as well as pathways to increase the efficiency of the disclosure regime, which ensures the transparency of ownership and control structures. Particular emphasis was placed during the discussion on identifying hidden vehicles of control and abuse of corporate mechanisms for the purpose of preventing and combating illicit financial flows, tax evasion, corruption, money laundering and terrorist financing.
This event is particularly important in light of the upcoming launch of the mechanism for updating data on ultimate beneficial owners and ownership structures in Ukraine.
This activity was organised within the framework of the European Union and Council of Europe Partnership for Good Governance II Project on “Strengthening measures to counter money laundering and the financing of terrorism in Ukraine” launched in 2019, which is funded jointly by the European Union and the Council of Europe and implemented by the Council of Europe.