The President signed the Law of Ukraine “On Amendments to Article 166-11 of the Code of Ukraine on Administrative Offenses in Connection with Changes in the Procedure for Submitting Information on the Ultimate Beneficial Owner of a Legal Entity to the State Registrar” (based on draft law No. 6321).
The law changes the procedure for companies to submit information on the ultimate beneficiary. The law provides for the responsibility of the head of the enterprise for failure to submit or late submission to the state registrar of information about the ultimate beneficial owner or its absence. There are fines for such a violation. For non-submission or untimely submission of information on final beneficiaries to the state registrar, we have provided administrative liability – a penalty from UAH 17,000 to UAH 51,000.