10:53 12.06.2020

Ukraine to introduce mechanism for determining ultimate beneficiaries of land plots - IMF memo

2 min read
Ukraine to introduce mechanism for determining ultimate beneficiaries of land plots - IMF memo

Ukraine in a memorandum to the International Monetary Fund (IMF) has declared its intention to introduce a mechanism for determining the ultimate beneficial owner of land.

According to a document published by the IMF on Thursday, this mechanism should help prevent circumvention of legal requirements to combat money laundering and counter terrorist financing.

In addition, in order to prevent tax evasion, it is planned to create a public monitoring system in Ukraine from January 1, 2021, which will be based on information from the cadastre, registry and tax service. The plans also include uniting the Register of business entities with the Register of property rights.

The document, in the context of the adoption of the law on the turnover of agricultural land, says of intentions to explore the possibility of increasing participation and competition in the market.

Ukraine also announced the adoption by the end of June 2020 of legislation to create a Partial Credit Guarantee Fund to financially support small farmers by providing portfolio loan guarantees. It is also planned to improve the process of land re-registration and help in decentralizing land management (No. 2194), ensuring the transfer of state land to communal ownership and the removal of the control function of land use from the cadastre, as well as establishing a transparent process for electronic land auctions with the possibility of selling state and communal land (No. 2195).

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