On December 27, 2019, the President of Ukraine V. Zelensky signed the Law of Ukraine “On Prevention and Counteraction to Legalization (Laundering) of Proceeds from Crime, Terrorism Financing and Financing of Proliferation of Weapons of Mass Destruction” as of 06.12.2019 No. 361-IX.

The aforementioned Law is aimed at implementing the requirements of Directive (EU) 2015/849 of the European Parliament and of the Council as of May 20, 2015 “On the prevention of the use of the financial system for the purposes of money laundering or terrorist financing” and Regulation (EU) 2015/847 “On information accompanying transfers of funds”, as well as the implementation of the recommendations, set forth in the MONEYVAL 5th Round Mutual Evaluation Report in the area of prevention money laundering and terrorist financing, approved on the 55th MONEYVAL Plenary Meeting.

However, the Law introduces amendments to a number of legislative acts, in particular, the Criminal Code of Ukraine, the Criminal Procedure Code of Ukraine, the Code of Administrative Procedure of Ukraine, the Code of Administrative Offenses and the Laws of Ukraine “On Banks and Banking Activity”, “On Combating Terrorism”, “On State Registration of Legal Entities, Individual Entrepreneurs and Public Organizations”, “On Currency and Currency Transactions", “On Insurance” and others.

The law enters into force four months after its publication.

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