Financial monitoring is an integral part of the life of persons who hold important government positions, or as they are called - "politically significant persons" (hereinafter - PZO) or "Politically Exposed Persons".
Among other things, financial monitoring measures in relation to PZO include: studying the connections and status of a person, his financial transactions, establishing the sources of origin of funds, etc.
It should be noted that the Law of Ukraine "On Prevention and Combating the Legalization (Laundering) of Criminal Proceeds, Financing of Terrorism and Financing of the Proliferation of Weapons of Mass Destruction" (hereinafter - the Law) or other regulatory legal acts do not contain a direct definition of the concept of WMD.
However, according to the overall content of the provisions of the Law, the legislator established that the following are included in the PZO: actors performing public functions in international organizations; foreign and national public figures.
According to the Law, national public figures include, but are not limited to: the President; members of the Cabinet; People's Deputies; chairmen and judges of the Supreme, Constitutional, Court of Appeals, members of the governing bodies of political parties.
Currently, PZO are considered to be persons who perform or have performed public functions defined by the Law during the last three years.
However, on September 21, 2023, the Verkhovna Rada of Ukraine adopted draft law No. 9269d (hereinafter referred to as the Draft Law), which provides for the following changes to the Law:
• "politically significant person" is a lifelong status (excluding the three-year limitation);
• introduction of the Unified State Register of National Public Figures (hereinafter - the Register).
It should be noted that the draft law does not provide for the terms of creation of the Register or any other details regarding its functioning, therefore it needs to be finalized and finally approved by the Verkhovna Rada of Ukraine in the second reading. However, as practice shows, it is only a matter of time.
The professional team of lawyers of Dynasty Law & Investment constantly monitors relevant legislative changes, has significant and successful experience of working with clients on financial monitoring issues, and is happy to provide you with qualified legal assistance