Ukraine Approved New Anti-money Laundering Bill, in Compliant With FATF Guidelines

By Chris Torres | December 8, 2019

The Ukranian authorities have reportedly approved of a new bill against money laundering, which will put every businesses offering services for virtual assets and virtual assets under FATF guidelines.

Specifically, on December 6, the Rada – a legislative department of Ukraine – has rolled out the official version of the new bill, aims at redefining virtual assets to be a store of wealth, and at the same time noting down the possibility of its involvement in financial crimes, nominally money laundering, fraud, and the financing of terrorists.

The new laws come with numerous instructions, showing the approach Ukranian officials plan to employ, in supervising and regulating crypto-related tradings. 

One of the instructions includes specific concentration on transactions, with values lower than 30,000 hriven ($1,300), from which sender’s public key will be submitted to the authorities exclusively for better financial supervising. 

The virtual asset service providers (VASPs) operate on a different financial standard, normally exceeds 40,000 hryvnya ($1,600) benchmark. In these situations, it is compulsory for VASPs to submitted the necessary information, everytime traders are registered in jurisdictions in the following cases: 

Not in compliance with AML laws, traders have family connections with one another, traders are from a foreign country or anytime cash transactions are conducted.

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