Ukraine Banks Releases Definition of Shell Companies Accounts are Closed Down
Ukraine's National Bank recently issued new foreign currency rules that came into effect in February this year for all foreign companies holding accounts with Ukrainian banks. Going forward, Ukrainian Banks must ensure that no current accounts can be held and used by entities such as shell companies. The regulator issued a definition of entities that fall under the rule.
Shell companies facing closures have to be a non-resident legal entity and:
- Not conduct any business activities in the country of its registration.
- Has an ownership structure that keeps Beneficial Owners anonymity.
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