The government supported the initiative of TI Ukraine to share information about the beneficial owners with the Global Registry. Updated and accurate data about the auditing companies available online will help to promote transparency and reduce corruption risks. The Memorandum of Understanding with a consortium OpenOwnership will be signed on May 22 at an international workshop on TI Ukraine on the recovery of stolen assets.

The Cabinet of Ministers of Ukraine approved the amendments to the decree №593, which offers information related to the final beneficial owner. Information about the auditing companies will be transferred to the Global Registry for free. The Ministry of Justice of Ukraine, State Agency of Electronic Governance, TI Ukraine and OpenOwnership consortium will sign a Memorandum of Understanding on May 22 during the international workshop “How to succeed in the fight against grand corruption and recovery of stolen assets?”

“Ukraine is able to introduce solutions to improve the accountability of the state, community and e-government and also set trends. Fully opened registry of the beneficial owner was a great democratic step. A possibility to be the first country which joins a registry of beneficiaries at the global level is a significant step for Ukraine in the fight against corruption”, – said Yaroslav Yurchyshyn, executive director of TI Ukraine.

The Global Registry opened on April 2017 positioned Ukraine as the first country, which officially confirmed its readiness to integrate data on beneficiaries electronically.

“We set the ambitious goal to ensure transparency and openness of all processes of our country. The Ministry of Justice was the first institution which opened their registers and Ukraine was the first European country obliged companies to share data about their real owners. Today, we are the first European country which signed the Memorandum. Creating such a register – a true breakthrough in transparency and the fight against corruption in business”, – said Pavlo Petrenko, the Minister of Justice of Ukraine.

The need to open this information is one of obligations under the national action plan and the Paris Declaration on the Open Government Partnership initiative and the final documents of the Anti-Corruption Summit in London 2016. Available data on the beneficial owners of companies are important in the fight against corruption and corporate accountability.

The eGovernment is the key aspect of to effective reforms, – says Oleksandr Ryzhenko, the head of the State Agency for E-Governance of Ukraine. Participation in this important international project creates additional opportunities for openness and transparency in line with international standards.”

“Our government has made a major breakthrough implementing anti-corruption standards, accountable and responsible policy of opening beneficial owners – commented Olesia Arkhypska, an expert on governance at TI Ukraine, member of the OGP Ukraine Coordinating Council. “Several day ago, the President of the European Parliament and a representative of Malta EU have signed legislation on the introduction of the EU visa free regime to Ukrainian citizens. TI Ukraine as a chapter of the global movement Transparency International and partners are the driving force of changes.”

To launch the Global Registry of the beneficial owners, a great contribution was made by a consortium of international organizations: Transparency International, OpenCorporates, World Wide Web Foundation, Global Witness, the B Team, ONE Campaign та Open Contracting Partnership. This step is the result of the member countries political will as a part of the global Anti-Corruption Summit held in London in May 2016. The registry has become an authoritative source of information about the company and organizations owners. These data will link different jurisdictions, sectors, and databases.

Media contact: Olha Tymchenko, Head of Communications Transparency International Ukraine, phone + 38 050-352-96-18, e-mail: [email protected]

Transparency International, Ukraine is a chapter of global anti-corruption network Transparency International presented in more than 100 countries. Our mission is to fight against corruption in Ukraine promoting transparency, accountability and integrity of public authorities and civil society. Learn more