The president of Ukraine has signed into law the decision of the National Security and Defense Council (NSDC) on measures to bring the economy out of shadow and approved its main provisions for taking money circulation into the light.
As the head of state’s press service told Interfax-Ukraine on March 20, this follows from the presidential decree On the Decision of the National Security and Defense Council Dated January 25, 2001, On Measures to Bring the Economy out of the Shadows. According to the decree, the Cabinet of Ministers and the National Bank are to update within two months the draft State Program of Bringing the Economy Out of the Shadows, and it provides, inter alia, measures to restrict out-of-bank money circulation and develop the national payments system.
The document places restrictions on offshore loans at interest higher than on the domestic market, and sets out economic, including tax-related, levers of influencing the businesses which attract such loans.
In the first six months of this year, the government and the National Bank (NBU) are to draw up proposals on amending legislative acts that call for reduction of the number of corporate accounts in banking institutions.
The cabinet and NBU are also to further improve the system of oversight over hard currency and credit cards brought into and taken out Ukraine by resident and nonresident natural persons. The president instructed the Ministries of Internal Affairs, the Economy, Finance, and the Security Service of Ukraine to work out a program of measures to forestall the establishment of bogus firms. The degree calls for setting up an interdepartmental commission under the NDSC in charge of financial security.
