Verkhovna Rada adopts law on lifelong financial monitoring of top politicians

The Verkhovna Rada has passed a law to strengthen financial monitoring of PEPs (politically exposed persons).

This was reported by People's Deputy from the Holos (Voice) party, Yaroslav Zhelezniak.

276 deputies voted in favour.

The wording of the law complies with AML/CFT standards and will be counted as compliance with the requirements of the International Monetary Fund.

Now, instead of three years after leaving office, top officials will have a lifetime status of Politically Exposed Persons. Therefore, banks must carefully review all financial transactions of their clients with PEP status and report to the regulatory authorities. The draft law also strengthens the responsibility of SPF (subjects of primary financial monitoring, for example, banks) for unjustified refusal of financial services to users.

Zhelezniak added that the adoption of this law was the last step to launch negotiations on Ukraine's membership in the EU.