The Cabinet of Ministers of Ukraine has approved the Procedure for supervision in the field of preventing and counteracting the legalization (laundering) of criminal proceeds, financing of terrorism and financing of the proliferation of weapons of mass destruction over the activities of the subjects of primary financial monitoring, state regulation and supervision of the activities of which are carried out by the Ministry of Finance. Ministry of Justice and Ministry of Digital Transformation.
The Procedure provides for:
- procedures for organizing, preparing and conducting scheduled/unscheduled, in particular, on-site audit;
- registration of audit results;
- the rights and responsibilities of the officials of the state financial monitoring entity who conduct the audit, the rights and responsibilities of the subjects of primary financial monitoring officials during the audit are defined.
The Cabinet of Ministers of Ukraine has expanded the list of risk criteria for taxpayers. Corresponding changes have been made to Annex 1 to the Procedure for stopping the registration of a tax invoice/adjustment calculations in the Unified Register of Tax Invoices and established the compliance of the taxpayer with the risky taxpayer criteria in the event that the taxpayer – a legal entity does not have open accounts in banking institutions, except for accounts in the Treasury authorities, by adding information about the absence of open accounts with a non-bank payment service provider.
The National Bank of Ukraine has eased currency restrictions. From June 16, 2023, the National Bank will grant permission to resident borrowers to transfer funds abroad to fulfill obligations under external credits and loans, which:
- secured by a guarantee or surety of an international financial organization;
- provided with the participation of a foreign export credit agency or a foreign state through an institution authorized by it or through a foreign legal entity whose shareholders include a foreign state or a foreign state bank.
The National Bank also determined that residents will be able to carry out such transactions in accordance with the terms of repayment of funds and payment of interest provided for in the terms of the credit agreement. This preventive measure will make it possible to level unproductive capital outflow, protect international reserves and the stability of the foreign exchange market.
According to the National Bank's estimates, thanks to the introduction of such easing, the amount of new credit funds coming into Ukraine will significantly exceed their outflow due to the return and servicing of existing loans. Thus, providing the opportunity to transfer funds abroad to repay certain categories of external credits and loans will improve the conditions for attracting funds to Ukraine. In addition, such changes will contribute to expanding the opportunities of international partners to direct financing to the recovery of the Ukrainian economy.
The NBU made the relevant decisions on easing currency restrictions in view of the stable situation on the foreign exchange market, the sufficiently high volume of international reserves and the improvement of the situation with the maturity of funds in the banking system. The National Bank conducts an active dialogue with the government of Ukraine and foreign partners, in particular with the IMF, regarding the further easing of currency restrictions.
The Cabinet of Ministers of Ukraine has adopted resolution No. 591 ‘On the provision of state guarantees on portfolio basis in 2023’.
The draft resolution was developed by the Ministry of Finance to increase access to credit for micro, small and/or medium-sized enterprises (MSMEs) that do not have sufficient collateral for bank loans, thanks to the partial state guarantee of the portfolio of loans for such borrowers.
The adopted decision establishes the possibility of providing state guarantees to 9 creditor banks that have been selected to receive a partial state guarantee of obligations under the MSME loan portfolio, as well as the maximum amount of such guarantees.
According to the results of applications received from banks, the maximum amount of state guarantees on a portfolio basis was approved for a total amount of up to UAH 7,794 million.
The Verkhovna Rada of Ukraine has adopted bill No. 9378 regarding the increase in the length of leave for military staff during martial law. According to this bill, the duration of annual leave can be up to 30 days.
The draft law is set forth in the new wording of item 18 Art. 101 of the Law of Ukraine ‘On social and legal protection of servicemen and their family members’ regarding the leave of servicemen.
The new version provides for an increased duration of leaves, in particular annual leaves, in the amount of up to 30 days, and provision of an opportunity for conscript military servicemen to receive additional leaves.
The Cabinet of Ministers of Ukraine by Resolution No. 553 of June 2, 2023, has simplified the conduct of unscheduled inspections of enterprises at the request of individuals. It is about the possibility of carrying out unscheduled inspections of enterprises at the request of a natural person who has suffered from the activities of companies, without the approval of the Ministry of Economy.
In particular, it is determined that an unscheduled inspection is carried out at the request of an individual (individuals) about violations that caused damage to their rights, legitimate interests, life or health, the surrounding natural environment or the security of the state, in the case of submission of documents or their copies confirming such violations (if any).
Currently, an unscheduled inspection at the request of people who are affected or consider themselves to be affected by the activities of enterprises can only take place with the approval of the Ministry of Economy.
The term of conducting an unscheduled inspection does not change: it should not exceed 10 working days, and in the case of business entities that are small business entities – two working days.
