Companies circumvent the law, noting the nominee is the beneficiary.
Each fourth legal entity, registered in Ukraine, gave information about their beneficial owner – natural person. The Ministry of justice turns a blind eye to obvious violations of the law. This is stated in the report of the Center of counteraction of corruption.
According to the analysis, approximately 27% of legal persons registered in the unified state register of Ukrainian companies have not submitted information about their final beneficiary, although this is expressly provided by law.
However, even the information presented is often inaccurate. Companies circumvent the law, noting the nominee is the beneficiary or by giving information on the failure to identify ultimate beneficial company.
By law, non-legal entity information about the beneficial owner is punishable by a fine from UAH 5,100 to UAH 8,500.
Eight public authorities have the right to impose a penalty for such violation, but since the existence of such obligation for legal entities to identify their beneficiaries in the registry, no company was punished for failure to comply with the provisions of the law.
We are talking about the national Bank, the Ministry of Finance, the Ministry of justice, Ministry of Infrastructure, Ministry of economy, NCBCP, Natsfinuslug, the Scfm.