President Volodymyr Zelenskyi signed the law on the lifetime status of politically exposed persons (PEP – ed.) and on strengthening their financial monitoring. This is stated in the card of draft law No. 9269-d on the website of the Verkhovna Rada on Thursday, October 26.
The adoption of this law was a condition for the start of negotiations on Ukraine’s membership in the European Union and the continuation of financial assistance from the IMF.
Now, financial monitoring entities will not only need to check the PEP status at the start of work, but also periodically interact with clients to make sure that they have ceased to be PEPs. At the same time, the status will be preserved indefinitely, so the circle of persons who will be subject to verification will expand.
Politically Prominent Persons (PEPs) are persons holding important public positions. These are presidents of states, prime ministers, ministers and their deputies, deputies, high-ranking political figures, high-ranking officials of the judicial system, law enforcement agencies, justice, defense, management of the National Bank, etc.
