Ukraine has fulfilled its IMF and EU requirements and strengthened control over the expenses of politically exposed persons, and moves toward another beacon.

In the second reading, the Ukrainian Parliament supported draft law No. 9296-d on strengthening financial monitoring of politically exposed persons (PEP). The document’s main innovation is that top officials will have lifetime PEP status instead of three years.

At the same time, the draft law strengthens institutional responsibility in the following areas: insurance, law, and finance. The redaction of the document before the second reading complies with AML/CFT standards and will be in compliance with IMF requirements. It is also the last step for the start of negotiations on Ukraine’s membership in the EU.

In addition, in the first reading, the parliament approved a draft law providing for the resumption of tax audits from November 1. The following areas are prioritized for inspection: tobacco, fuel, alcohol, the gambling industry, and financial services.