Ukraine discusses banking oversight compromises to unblock digital tax law
What happened
The Verkhovna Rada is discussing compromise amendments aimed at unblocking Law No. 15111-d, which concerns the taxation of income from digital platforms. These amendments also address lifetime PEP status and the financial monitoring of former officials. The original bill was stalled because a provision limited mandatory enhanced financial monitoring of former politically exposed persons to 12 months, a provision that drew objections from international partners and threatened the next IMF tranche of $1.66 billion.
From interfax.com.ua
Why it matters
The proposed amendments maintain lifetime PEP status and at least 12 months of enhanced monitoring after leaving office, requiring banks to conduct an individual risk assessment afterward. The changes also propose removing heads of National Bank of Ukraine units and employees of state banks from the PEP list.
The Verkhovna Rada is considering bill amendments, and the Council of Europe has advised against signing the bill.
From interfax.com.ua
Who's involved
- Verkhovna RadaThe national parliament currently debating the compromise amendments.
- Olha Vasylevska-SmahliukThe MP who announced the table of prepared amendments.
- National Bank of UkraineThe central bank whose employees are proposed for removal from the PEP list.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- National Bank of UkraineSpeculative
The National Bank of Ukraine might see reduced compliance costs if its heads and state bank employees are removed from the PEP list.
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The entities involved
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Verkhovna Rada
national parliament of Ukraine
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National Bank of Ukraine
central bank of Ukraine