GOLAW held a business meeting dedicated to the future of international business structuring and wealth planning

On May 23, GOLAW held business meeting “Challenges facing Ukrainian owners of foreign companies in 2017″ in Kyiv.

The event was devoted to deoffshorization for beneficiaries, automatic exchange of information, currency regulation and fаeatures of the bank's work with non-resident companies. The experts of the meeting were Maxim Lebedev, attorney, managing lawyer at GOLAW, Kieran Patel Director at Whitmill TRUST, Associate director at Whitmill TRUST Phillip Evans, and risk management director at ProCredit Bank Ruben Ohanian.

While companies structuring, the fourth EU directive on combating money-laundering should be taken into account (usually disclosure of information occurs according to its norms). Although only a few countries have created an open register of beneficiaries, including Ukraine, although it is not an EU country. On this path are Cyprus, the Netherlands, and Singapore. Until June 26, EU states are obliged to introduce the provisions of the Directive into legislation,” said Maxim Lebedev, managing lawyer at GOLAW. Also, the lawyer touched on the topic the information leakage and stressed that one should not only think about confidentiality, because it might suddenly “disappear”, but should be ready to answer all questions of law enforcement. “We live in a risky time. The risk exists not only for the beneficiary, but for all its counterparties,” said Philip Evans, associate director at Whitmill TRUST. Mr. Evans shared his vision of the future of offshore planning. He drew attention to the fact that by 2020 the legal field will change significantly. Already, there is a tendency to increase the use of trusts to protect assets and confidentiality. 62% of modern international companies open exactly in the status of trusts, and three years ago their share was lower. In return, the director for risk management of ProCreditBank, Ruben Ohanyan, spoke about the bank's position in matters of financial monitoring, currency control and other nuances of transactions with non residents. A key in the cooperation between bank and its client is understanding the structure of client's company. Banks are ready to make advances to its client, but only with the confidence that there is no illegal action behind its structure.

324

Related insights

GOLAW announces new appointments and expands its team of partners

17 May 2023 News

GOLAW announces new appointments and expands its team of partners

Read
The U.S. Chamber of Commerce has announced the launch of the Ukraine Business Initiative, a platform for companies to help rebuild Ukraine

19 April 2023 News

The U.S. Chamber of Commerce has announced the launch of the Ukraine Business In...

Read
GOLAW is honored to be the first law firm in Ukraine recognized by The Legal 500 Green Guide: EMEA 2023

31 March 2023 News

GOLAW is honored to be the first law firm in Ukraine recognized by The Legal 500...

Read
View all

We use cookies to improve performance of our website and your user experience.
Cookies policy Cookies settings

Please read the provisions of the privacy policy and the processing of personal data carefully Cookies policy.

I consent to the processing of personal data in accordance with the privacy policy and the processing of personal data

I want to receive a mailing

We use cookies to improve performance of our website and your user experience. Cookies policy Hide settings