New anti-money laundering rules in Ukraine will expand financial monitoring requirements to include legal and tax consultants. Under the new law, consultants will have to register with financial authorities, appoint a person responsible for compliance, and identify clients before establishing business relationships or conducting transactions. They will also be required to monitor for suspicious transactions and report those over 150,000 Ukrainian hryvnia or involving anonymous accounts, shell companies, or cash to financial authorities. Failure to comply with the new rules carries penalties ranging from 500 to 1,000 minimum wages in fines. The new law aims to strengthen Ukraine's anti-money laundering framework in line with international standards.

1. NEW Anti-Money Laundering Rules for Legal and Tax Consultants 23 July 2010 Dmytro Gadomsky

2. New Anti-Money Laundering Law adopted It will come into force in 29 days

3. “ Behind every great fortune there is a crime” Honore de Balzac

6. Structure of initial financial monitoring Initial financial monitoring Obligatory FM Internal FM

11. Person, responsible for financial monitoring