New rules imposing state control over large or suspicious transactions came into effect in Ukraine on January 1st, according to reports.
This move forms a crucial part of the administration's campaign to crack down on money laundering and terrorist financing, and was signed into law by President Leonid Kuchma in December.
According to a spokesman from the Presidential Public Relations Department, the decree empowers banks and other financial institutions in the country to exercise primary control over suspicious transactions, or those exceeding 20,000 euros. Transactions exceeding 10,000 euros will also be subject to increased scrutiny if this amount exceeds the stated financial capabilities of the transacting parties.
The national parliament is expected to pass further anti-money laundering legislation later this year.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment