Ukraine approves final version of anti-money laundering law to handle virtual assets in accordance with FATF guidelines

The Ukrainian government has approved the final version of the anti-money laundering law, which will deal with virtual assets and virtual asset service providers (VASPs) in accordance with FATF guidelines. On December 6, Rada, the Ukrainian legislature, released the final version of the law, which considers virtual assets as a reserve of wealth, while also recognizing that virtual assets may be used for financial purposes such as money laundering, fraud and financing of terrorists. crime. Under the new bill, the government will verify senders and receivers once personal crypto transactions exceed 30,000 Hriven (about $ 1,300). The process will include identity verification and verification of the nature of the business relationship. For VASP, it is higher than 40,000 Hriven ($ 1,600). VASP should provide information to authorities when a trader is registered in a jurisdiction that does not meet anti-money laundering recommendations, the trader is a family member, the trader is a foreigner, and a cash transaction occurs.