The Verkhovna Rada of Ukraine adopted the Law “On Amendments to Article 14 of the Law of Ukraine “On Prevention and Counteraction to Legalization (Laundering) of Proceeds from Crime, Financing of Terrorism and Financing of Proliferation of Weapons of Mass Destruction” to clarify certain provisions.”
The law has improved the legal regulation of certain aspects of financial monitoring in Ukraine, in particular, amended item 8 of Part 18 of Art. 14 of the Law of Ukraine “On Prevention and Counteraction to Legalization (Laundering) of Proceeds from Crime, Financing of Terrorism and Financing of Proliferation of Weapons of Mass Destruction”, which provides for the application of financial monitoring measures in case of cash transfers within Ukraine in the amount not exceeding UAH 5 thousand.
The need to adopt this law arose due to the fact that the requirements of financial monitoring did not apply to cases of cash transfers within Ukraine in the amount of less than UAH 5 thousand.
Thus, financial monitoring did not apply to transfers in the amount of UAH 4,999, and transfers in the amount of UAH 5,000, were already subject to financial monitoring measures.
This fact has led to inconveniences for users of self-service payment terminals, who do not have the exact amount of the specified amount of UAH 4,999 and are accordingly deprived of the opportunity to make a money transfer by depositing cash in the amount of UAH 5,000, as well as banks and financial institutions. new services of software service for transfer of сhange in the amount of 1 UAH for the purpose of observance of the established requirements of financial monitoring.
The adoption of this law eliminates this discrepancy and stipulates that the requirements of financial monitoring do not apply to cases of cash transfers within Ukraine in the amount not exceeding UAH 5 thousand.
The Cabinet of Ministers of Ukraine has supported the draft, which should strengthen the responsibility in the field of social services.
The document should help prevent situations where social service institutions do not fulfill their purpose and pose a threat to people.
To date, no mechanism has been defined for control and liability for violations of legislation in the field of social services. Therefore, the Government proposes to introduce fines, the amount of which will vary depending on the violations: from 10 to 2 thousand non-taxable minimum incomes (from 11.4 thousand to 2.3 million UAH).
The Ministry of Economy of Ukraine has developed a draft Law of Ukraine “On Consumer Protection” (as amended). The new draft is designed to introduce effective mechanisms for regulating e-commerce.
The draft law contains norms that stipulate that entrepreneurs who make electronic sales will be required to post information about themselves as a business entity and a list of information about products.
The draft provides a definition of ‘electronic trading platform (marketplace)’ and ‘electronic product comparison service (price aggregator)’; liability is established for failure to provide complete information by the business entity regarding its identification.
The draft law is currently being considered by the Cabinet of Ministers.
The Verkhovna Rada of Ukraine has adopted the draft law “On Virtual Assets”. It will allow launching a legal market for virtual assets in Ukraine.
The Ministry of Digital Transformation will form and ensure the implementation of state policy on the development of the new market, as well as facilitate the adaptation of Ukrainian legislation on the circulation of virtual assets to international standards, protect the rights of market participants.
The adoption of the basic law of the industry is an important part of the legalization of the virtual assets market in Ukraine, as a certain legal status of virtual assets provides legal protection to users and market participants. Businesses will be able to operate officially and protect their own virtual assets from possible abuse. The country will receive additional tax revenues to the budget, which will be paid by crypto companies.
The law is based on current standards for regulating transactions with virtual assets of the international anti-money laundering group (Financial Action Task Force, FATF). The adopted norms establish rules for service providers related to the turnover of virtual assets and will contribute to the de-shadowing of this market.
In order to carry out activities related to the turnover of virtual assets, service providers will have to disclose the ownership structure in order to be able to establish the ultimate beneficial owners. Such owners must have an impeccable business reputation and have internal financial monitoring procedures in place to prevent money laundering.
The Law will enter into force on the date of entry into force of the Law of Ukraine on Amendments to the Tax Code of Ukraine on Peculiarities of Taxation of Transactions with Virtual Assets, but not earlier than the day of publication of this Law.
The Verkhovna Rada of Ukraine has adopted the Law “On Amendments to Certain Legislative Acts of Ukraine Concerning the Simultaneous Transfer of Rights to a Land Plot in Connection with the Transfer of Rights to an Immovable Property Object” (Draft No. 5248).
The law eliminates gaps in the legal regulation of issues related to the registration and transfer of rights to land in the case of acquisition of ownership of real estate (residential house, building or structure), located on it.
The law establishes the obligation of simultaneous registration of rights to land in connection with the transfer of rights to immovable property (residential house, building or structure), which is located on it, as well as the reverse order of simultaneous transfer of rights to immovable property in the case transfer of rights to the land plot on which the specified real estate is located (residential house, building or structure).
This normative legal act unifies the specified rules for transfer of property rights and all types of land use in case of transfer of ownership or land use right (easement, superficies, emphyteusis (agricultural buildings), permanent use, etc.) in case of acquisition of ownership of real estate (residential building, building or structure) located on such a land plot by amending Art. 120 of the Land Code and Art. 377 of the Civil Code.
At the same time, the Law supplemented Art. 120 of the Land Code with new part 14, according to which it is determined that the subject of the transaction, which provides for the transfer of ownership of real estate (residential building (except apartment building), another building or structure or a separate share in the joint ownership of such object, object of unfinished construction), which is located on a land plot (except for state and communal lands), which is owned by the alienator (previous owner) of the real estate object, must also be such a land plot (or a separate share in the right of joint ownership of it). An essential condition of such a transaction is the condition of simultaneous transfer of ownership of such land (share in the right of joint ownership) from the alienator to the purchaser of such real estate (a separate share in the ownership of it).
The Verkhovna Rada of Ukraine has adopted as a basis the draft Law “On Amendments to Certain Laws of Ukraine on Improving Pension Legislation”.
The draft proposes:
- from January 1, 2022 to determine the date of annual indexation of pensions – March 1;
- carry out annual indexation of pensions for servicemen, civil servants and other categories of pensioners on general terms;
- assign early pensions one and a half years before reaching retirement age to persons whose employment contract has been terminated due to changes in the organization of production and other conditions;
- assign early pensions to mothers (fathers) of children with severe, rare diseases who have not been diagnosed with a disability.
