On October 14, 2014, the Ukrainian Parliament adopted Law No. 1701-VII, coming into force on November 25, 2014, aimed at the establishment of a mechanism for the identification of a natural person who is the ultimate beneficiary of a legal entity. The Law is part of anti-corruption legislation package approved on the same day, with which the Ukrainian Government went on the offensive to combat corruption and increase the transparency level of administrative services. Undoubtedly, this important novelty will affect the procedure of setting up and reorganization of business in Ukraine.
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