Council of Europe supports strengthening the beneficial ownership transparency regime in Ukraine through the EU/CoE Partnership for Good Governance Project “Strengthening measures to counter money laundering and financing of terrorism in Ukraine”.

As part of the continued support, the project provided tailored assistance to the Ministry of Finance of Ukraine, upon its request, to develop guidance on the implementation of secondary legislation related to the ultimate beneficial ownership transparency framework in Ukraine. This is a requirement under the new Anti-Money Laundering Law of Ukraine, which came into force on 28 April 2020, introducing new rules and procedures for reporting ultimate beneficial ownership of legal entities and legal arrangements. With a view to address the Ministry’s request, the project delivered a technical paper, with recommendations and practical advice on building effective beneficial ownership system to be used by the Ministry of Finance of Ukraine when preparing relevant secondary legislation.