Show all that is hidden: in search of the beneficiary

Опубликовано: 05.05.2020

We’ll talk about another aspect of the Law on Preventing and Combating the Legalization (Laundering) of Criminally Obtained Incomes, the Financing of Terrorism and the Financing of the Proliferation of Weapons of Mass Destruction ”(the New Law on Financial Monitoring), which entered into force on April 28. About the disclosure of beneficiaries.

The law establishes new rules for disclosing ultimate beneficial owners. What’s important:

1) the obligation to establish the ultimate beneficial owner of the client is assigned to the subject of primary financial monitoring. For example, a bank that has

the right to request a ownership structure from the client and is required to verify the accuracy of the information received. The bank is also obliged to inform the specially authorized body about

a discrepancy in the information received from the client about the ultimate beneficiary with the data of the Unified State Register.

2) The obligation to disclose the ultimate beneficial owner rests with the legal entity itself – upon registration. For already registered legal entities –

submit relevant information to the state registrar within three months from the date of approval of the normative legal act by which the form will be approved and

ownership structure content. Such a regulatory act is being prepared by the Ministry of Finance, therefore it is important to track the moment of its approval in order to be in time

submit information in the specified time.

Otherwise, for failure to provide or untimely provision of information on the ultimate beneficial owner, penalties are provided. So, if you, on behalf of your company, having dreamed, do not submit the above-mentioned ownership structure to the state registrar (information about the final beneficiary or his absence), according to the Code of Administrative Offenses in the new edition, you will be fined in the amount of one to three thousand tax-free minimum incomes of citizens – (and this amounts to 17 000 – 51 000 UAH).

You also need to pay attention to the fact that legal entities are obliged to inform within 30 business days about changes in the ownership structure in order to keep the information about the beneficial owner in an up-to-date state. And even if the beneficial owner does not change and the ownership structure remains the same for a long time, when making any other changes to the register, the legal entity will also need to be informed of the absence of changes in the ownership structure.

Moreover, it will be necessary to confirm information on the beneficial owner every year. And here is attention, because for each person the date is individual – you need to submit supporting documents no later than 14 calendar days from the date of registration of such a legal entity.

To confirm relevant information, a legal entity is required to submit the following package of documents every year:

  • Application for confirmation of information on the ultimate beneficial owner;
  • Ownership structure;
  • If the founder of the Ukrainian company is a non-resident legal entity, an extract or a trade (court, etc.) register confirming the registration of the location of a non-resident in the jurisdiction; If the founder of the Ukrainian company is a non-resident legal entity, an extract or a trade (judicial, etc.) registry confirming the fact of registration in the jurisdiction of the location of a non-resident;
  • A notarized copy of the identity document of the final beneficiary (if it is a non-resident individual or a resident whose documents are drawn up without the use of the Unified State Demographic Register).

Reading the new requirements for the annual updating of such information in the register, one involuntarily recalls the story of 6-7 years ago, when entrepreneurs did not update the annual information on the whereabouts of a person in the registry, ultimately entailed extremely unpleasant consequences. Let me remind you: the operational units of the tax police, without leaving the fiscal office, in packs of stamped default notes “on the absence of the subject at the location.” Then it was handed over to the colleagues in the inspection, and they terminated the public-law electronic document management contracts. Accountants could not submit reports on time, and the treasury in this sophisticated way received fines for interest on extra charges. And lawyers are an additional area of ​​work in judicial debates.

Well, new items from parliament, you always need to be able to read between the lines and not delay the preparation processes. What I wish for everyone.

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