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Legal

Policy Win: President Signed Draft Law #5807 Postponing Deadline for Disclosing Information on Ultimate Beneficial Owner

Policy Win: President Signed Draft Law #5807 Postponing Deadline for Disclosing Information on Ultimate Beneficial Owner

On October 8, 2021, the President of Ukraine signed Draft Law #5807, "On Amendments of Certain Laws of Ukraine on Indication and Submission of Information regarding the Ultimate Beneficial Owner and Ownership Structure of a Legal Entity" (Draft Law) after its adoption by the Verkhovna Rada of Ukraine.

The Draft Law provides for prolonging the term of indication and submission of relevant information from three months to one year. The postponement till June 11, 2022, will enable legal entities to hold appropriate consultations and receive clarifications regarding the procedure.

Members of Parliament took into consideration the proposals of AmCham Ukraine member companies and the recommendations to prolong the term for clarifying all interpretations of the existing procedure.

The American Chamber of Commerce in Ukraine welcomes the adoption and signing of Draft Law #5807, taking into account the business community's proposals.