In October 2023, a new Methodology for determining the ultimate beneficial owner (hereinafter referred to as the UBO) by a legal entity came into force. This Methodology was introduced to create an effective system for the disclosure of information on ultimate beneficial owners and to improve the process of determining the UBOs by legal entities. The need to develop rules for determining the UBOs and provide information on beneficiaries arose as a result of Ukraine’s compliance with the requirements of the Association Agreement between Ukraine and the EU, as well as the implementation of the FATF International Financial Monitoring Standards into Ukrainian legislation.
On November 17, 2023, CEDEM gathered representatives of NGOs, experts and representatives of authorities to discuss the specifics of the new Methodology.
The webinar was moderated by Mariia Poloz, CEDEM lawyer. The event speakers:
- Anna Isichko, CEDEM Deputy Director
- Denys Khokhlov, Head of Financial Monitoring of the Department of Ensuring Coordination and Monitoring of the Ministry of Finance of Ukraine
- Viacheslav Khardikov, Director of the State Registration Department of the Ministry of Justice of Ukraine.
During the event, the experts highlighted a number of key issues. In particular, they discussed the significance of the Methodology for determining ultimate beneficial owners for Ukraine and its impact on the activities of civil society organizations. The speakers reviewed the procedures for determining ultimate beneficial owners for public associations and charitable organizations according to the new Methodology. Special attention was paid to the problem of suspension of banking services to civil society organizations.
Watch the webinar recording at the link:
The event was organized as part of the Project Ukraine Civil Society Sectoral Support Activity implemented by the Initiative Center to Support Social Action “Ednannia” in partnership with the Ukrainian Center for Independent Political Research (UCIPR) and Centre for Democracy and Rule of Law (CEDEM) with the sincere support of the American people through United States Agency for International Development
