The Cabinet of Ministers has proposed allowing the disclosure of banking secrecy to the State Fiscal Service of Ukraine.

This initiative is contained in a bill which was developed by the government and has been posted on the website of the Finance Ministry.

The draft law on amendments to the Tax Code of Ukraine (regarding the introduction of servicing wealthy individuals) includes amendments to the law on banks and banking activity.

According to these changes, information on legal entities and individuals, which includes banking secrecy, upon a written request, is to be disclosed by banks to the prosecutor's office, the Security Service of Ukraine, the National Anti-Corruption Bureau, the Antimonopoly Committee, and the State Fiscal Service.

In addition, the document envisages amendments to the Tax Code of Ukraine, according to which collection of tax information will be carried by not only the executive authorities, local self-governance agencies and the National Bank of Ukraine, but also by the National Commission on Securities and the Stock Market, as well as the National Commission for the Regulation of Financial Services Markets.