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LEGAL HOTLINE 21.10.2021

Contents

  1. Beneficiaries, keep calm: the Verkhovna Rada has postponed the disclosure of the ultimate beneficial owner until July 2022
  2. Moving towards the EU digital single market: cross-border recognition of electronic identification
  3. Fines for inaccurate information in the consignment note may be cancelled

Beneficiaries, keep calm: the Verkhovna Rada has postponed the disclosure of the ultimate beneficial owner until July 2022

The Law of Ukraine “On Amending the Law of Ukraine “On Prevention and Counteraction to Legalization (Laundering) of the Proceeds of Crime, Terrorism Financing and Financing of Weapons of Mass Destruction” entered into force on October 10, 2021.

The specified Law amended section X “Final and Transitional Provisions” of the Law of Ukraine “On Prevention and Counteraction to Legalization (Laundering) of the Proceeds of Crime, Terrorism Financing and Financing of Proliferation of Weapons of Mass Destruction”, which extended the term on submitting the information about the ultimate beneficial owner and ownership structure from three months to one year starting from the effective date of the regulation, by which the form and content of the ownership structure were approved.

We kindly remind that the form and content of the ownership structure were approved by Order of the Ministry of Finance of Ukraine No. 163 as of March 19, 2021, which entered into force on July 11, 2021.

Thus, legal entities have time to submit information about the ultimate beneficial owners until July 11, 2022.

Moving towards the EU digital single market: cross-border recognition of electronic identification

On October 12, 2021 the Draft Law on amending certain legislative acts of Ukraine on ensuring entering into an agreement between Ukraine and the European Union on mutual recognition of the qualified electronic trust services and implementing the legislation of the European Union in the field of electronic identification was submitted to the Verkhovna Rada.

The explanatory note states that adoption of the provisions of the Draft Law will accelerate the integration of Ukraine into the Digital Single Market of the European Union and will harmonize the provisions of the domestic legislation with the European requirements in the field of electronic identification and electronic trust services.

The Draft Law provides for amendments of a number of regulations, which stipulate, inter alia:

  • adding the provisions on establishing the specific aspects of the state regulation in the field of electronic identification;
  • ensuring an option of remote identification of a person who applied for a service for the formation of a qualified public key certificate;
  • establishing the requirements to the advanced electronic signature and seal;
  • using nicknames in the field of electronic identification and electronic trust services;
  • adding the provisions on the requirements to electronic evidence in the court proceedings;
  • clarifying the powers of state authorities in respect of regulation in the field of electronic identification and electronic trust services;
  • determining the administrative and economic sanctions for the violation of the requirements of legislation in the fields of electronic trust services and electronic identification, etc.

In general, the provisions of the Draft Law aim at simplifying the access to the electronic public services and ensuring the cross-border recognition of the electronic identification schemes and means.

Fines for inaccurate information in the consignment note may be cancelled

The Draft Law “On Amending the Code of Ukraine on Administrative Offenses regarding Cancelling the Legal Provision Providing for the Liability for Violating the Requirements for Processing  and Introduction of Information in the Consignment Note or other Cargo Accompanying Documents as Referred to by Legislation” was submitted to the Verkhovna Rada of Ukraine.

The specified Draft Law aims to cancel the legal provision (namely Article 132-2 of the Code of Ukraine on Administrative Offenses) providing for the liability for violating the requirements of processing and introduction of information in the consignment note or other cargo accompanying documents as referred to by legislation.

Currently, the Code of Ukraine on Administrative Offenses provides for the liability in the form of a fine in the amount of UAH 51,000 for introduction (statement) of inaccurate information by the consignor, or information exceeding the parameters established by legislation for the weight or dimensions of the cargo into the consignment note or another cargo accompanying document defined by legislation.

Please, keep in mind that starting from October 1, 2021 amendments concerning the procedure of consignmentnote processing have been introduced (discussed in detail here).

Olena Sulyma

Olena Sulyma

Senior Associate, Attorney at law

Tetiana Fedorenko

Tetiana Fedorenko

Associate, attorney at law

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