President Volodymyr Zelenskyy has signed the law ‘On Amendments to Certain Laws of Ukraine to Improve the Functions of the National Bank of Ukraine in the Field of Financial Services Regulation’.
Draft law No. 11043 was returned to the Verkhovna Rada with the president’s signature on 6 November, according to a statement on the parliament’s website.
As a reminder, the Verkhovna Rada passed the law in the second reading on 8 October.
The NBU noted that the adoption of Draft Law 11043 is an important step in the fight against the illegal use of the payment market, in particular schemes involving so-called ‘drops’.
One of the provisions of the draft law requires banks and other financial institutions to provide information at the request of the National Police, including data on financial transactions and the direction of funds. However, the Main Legal Department of the Verkhovna Rada has expressed reservations about this provision, as it may contradict the Constitution of Ukraine.
In addition, the draft law stipulates that the merged credit unions will be able to attract foreign currency loans from foreign donors. It also clarifies the mechanism of credit union mergers, which will allow small unions to continue their work by merging with larger and more stable organisations, sharing administrative costs of operations.
