Ukrainian President Petro Poroshenko has signed into law an anti-corruption measure that hopes to increase transparency, the U.S.-Ukraine Business Council said Friday.
The law requires that legal entities register their beneficiary owners to the State Register of Legal Entities and Individual Entrepreneurs and to regularly keep the list updated. It also sets a fine on legal entities that fail to register, with the fine ranging from 5,100 to 8,500 hryvnia (UAH). The law also requires entities that have been in place before the law's implementation to register or update their information.
The law makes this information accessible to the public. Before the law was enacted, the information was only available to those who owned rights over the property of the entity, their respective heirs and municipal authorities.
Details will only be accessible from a plot location basis, thus a person could not find particular properties owned by the same person. Civil authorities are entitled and are able to gain information from the registry by naming the property or owner.