The Memorandum provides for the introduction of the Concept of a mechanism for verifying the credibility of information about the ultimate beneficial owners in order to counteract corruption, money laundering, fraud, tax evasion and other crimes related to the fictitious activities of companies.

The Memorandum outlines the main areas of cooperation between the parties aimed at creating and providing further development of a mechanism for verifying information on ultimate beneficial owners in Ukraine. The roadmap for the introduction of such a review mechanism, which is attached to the memorandum, contains 12 measures to be completed by the end of 2019.

In addition to the National Bank, this obligation was also imposed on the Ministry of Justice, the Ministry of Finance, the State Fiscal Service, SCFM, the National Agency for Detection, Search and Asset Management of Corruption and Other Crimes and the State Agency for Electronic Governance.