According to the Ukrainian Government’s web-site, the Ukrainian authorities signed a memorandum of cooperation with Transparency International and “Open Ownership” Consortium, in order to take part in setting up a global register (https://register.openownership.org/) (the “Global Register”) of the ultimate beneficial owners (“UBOs”) of companies.  As part of the contemplated cooperation, Ukraine is one of the first European countries which intends to share with the Global Register the information on the UBOs of Ukrainian companies from the Ukrainian companies register.  To this effect, the Ukrainian Government has already amended the procedural regulations dealing with processing and sharing of information from the Ukrainian companies register.  The scope of information to be shared as part of this initiative is yet to be determined.

Ukraine’s cooperation with the Global Register and “Open Ownership” Consortium is another step that Ukraine takes towards improving transparency of corporate ownership and fighting corruption, which should contribute to increasing the investment attractiveness of Ukraine.