The Stand-By Arrangement of the International Monetary Fund (IMF) for Ukraine foresees the completion of a comprehensive diagnostic study in close consultation with IMF staff by July 15 that will cover the anti-corruption framework, the design and implementation of key laws and regulations that may have impact on business climate, the effectiveness of the judiciary, and tax administration (structural benchmark).

According to the document, the diagnostic study will propose specific remedial measures and time frames for their implementation.

Other international organizations and bilateral partnersactive in these areas will be closely consulted as part of the study.

In addition, Ukrainian authorities are obliged to strengthen the the anti-money laundering/combating of financing of terrorism (AML-CFT) framework.

In this respect, relevant laws, will be revised in line with international standards by end-September 2014, in consultation with IMF staff as needed, to ensure that banks are required to conduct enhanced due diligence on business relationships with domestic politically exposed persons.

By end-September 2014 specific criteria and rigorous procedures at the NBU needed to assess the fit and proper requirement in compliance with the AML/CFT standards, including requirements to check the source of wealth/funds of owners of qualifying holdings of banks, are to be established.

It is also planned to prepare, in consultation with the IMF and other international partners, a strategy by end-June 2014 for strengthening tax compliance of high income earners and those with foreign assets.