The National Bank of Ukraine (NBU) has signed a memorandum of cooperation to develop the tool for verifying information about ultimate beneficiaries, the NBU has said on its website.

According to the report, the memorandum provides for the introduction of the concept of this tool aimed at combating corruption, money laundering, fraud, tax evasion and other crimes related to the fictitious activities of companies.

From the NBU, the memorandum was signed by First Deputy NBU Governor Kateryna Rozhkova.

In addition to the NBU, the Ministry of Justice, the Ministry of Finance, the State Fiscal Service, the State Financial Monitoring Service, the National Agency of Ukraine for finding, tracing and management of assets derived from corruption and other crimes, and the State Agency for E-Governance also made this commitment. Among the partners from the public sector are the nongovernmental organization Transparency International Ukraine, the government-public initiative Together Against Corruption!, the Renaissance International Foundation, the nongovernmental organization Anti-Corruption Action Center (AntAC) and other interested civil society institutions.