Over 16,000 companies in Ukraine yet to report on ultimate beneficiaries

Some 16,743 companies in Ukraine have not yet disclosed information about their ultimate beneficial owners, the move they were required to make as early as 2015.

The provision of such data is vital since ultimate beneficiaries have a decisive influence on company operations and bear responsibility, reports OpenDataBot, a business data registration monitoring service.

Read alsoRada bars Russians from buying Ukraine’s SOEsUNIAN memo. The Verkhovna Rada of Ukraine in October 2014 adopted the law to amend certain legislative acts of Ukraine related to determination of the ultimate beneficiaries of legal entities and public figures, which obliges the companies operating in Ukraine to submit information on their ultimate beneficial owners (controllers) to the state registrar.