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14 November 2017

The Private Wealth and Private Client Review 2017: Ukraine

Source: Law Business Research

INTRODUCTION

In line with Ukraine’s efforts to create a single economic and social space with the European Union (EU), Ukrainian legislation is undergoing fundamental changes aimed at harmonisation with that of the EU law. Concurrently with the ratification of the EU Association Agreement by Ukraine and all 28 Member States of the EU (with the Netherlands being the last to ratify on 1 June 2017), which is expected to enter into full force on 1 September 2017, substantial reforms of Ukrainian laws and regulations in tax, corporate and banking spheres are taking place. This is creating new incentives both for Ukrainian businesses in Europe and for foreign investors in Ukraine.

On 11 June 2017, the decision of the Council of the European Union to introduce a visa-free regime for Ukrainian citizens to travel to Schengen Zone member states became effective. A visa-free regime allows holders of Ukrainian biometric travel passports to travel without a visa to almost all EU Member States, for no more than 90 days during any 180-day period. The visa waiver approved by the EU also covers four countries that are not members of the EU, namely Norway, Iceland, Liechtenstein and Switzerland, but excludes the United Kingdom and Ireland as they are not part of Schengen arrangements.

One of the most significant steps in the anti-money laundering direction has been the establishment in 2015 of the Ukrainian National Anti-corruption Bureau (UNAB) and National Agency on Corruption Prevention (NACP). A Specialised Anticorruption Court is also anticipated as the final stage of anti-corruption and judicial reforms in Ukraine.

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