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The deadline for the submission of information on the ultimate beneficial owner of a legal entity has been extended
Thu, May 27, 2015
As we have already informed, on 25 May 2015 the deadline forUkrainian legal entities to submit information on their ultimate beneficialowners was expected to expire. However, due to the fact that a large number ofcompanies failed to submit such information in time, the draft Law of Ukraine“On Introduction of Amendments to Certain Laws of Ukraine in Respect ofInformation on the Ultimate Beneficial Owner (Controller) of a Legal Entity”(the “Law”) was urgently prepared. The Law was adopted by the Verkhovna Rada ofUkraine on 21 May 2015 and took effect as from 26 May 2015.
The Law provides for an extension of the deadline for legalentities to submit information on their ultimate beneficial owners to the StateRegistrar from 25 May 2015 to 25 September 2015. The Law also releases, inparticular, religious organizations and legal entities the participants ofwhich are individuals only, if such individuals are ultimate beneficial ownersof such legal entities, from the obligation to submit information on theirultimate beneficial owners.
In addition, the Law has settled the matter related to theabsence of the ultimate beneficial owner (controller) of a legal entity. Now insuch cases the information about the absence of the ultimate beneficial owner(controller) shall be submitted to the State Registrar.
In case a legal entity (except for legal entities released fromthis obligation) fails to submit the information on the ultimate beneficialowner or on the absence of the ultimate beneficial owner by 25 September 2015,such failure entails the imposition of a fine in the amount of 300–500untaxable minimum incomes of citizens (from UAH 5100 to UAH 8500) on the chiefexecutive officer of such legal entity.
