Politics · Other · 1 hr ago
Ukraine faces deadline to pass laws needed for SEPA access
Ukraine's parliament is due to consider an anti-money laundering bill on Nov.
10 as part of efforts to qualify for the Single Euro Payments Area, or SEPA.
SEPA makes euro transfers between its 41 member countries and territories faster and cheaper, and Ukraine is not yet a member.
The bill would create a register showing which banks hold a person's accounts or safe-deposit boxes, but not their balances or transaction histories.
Lawmakers are divided over which agencies should access the register, with a proposed compromise giving initial access to three bodies while wider access is discussed later.
Joining SEPA could save Ukrainians and businesses an estimated Hr 10 billion a year in fees and transaction costs.
Ukraine risks missing its chance under the current rules if it does not pass the required laws before EU anti-money laundering rules become stricter on July 10, 2027.
If the bill passes its first reading, parliament could consider it again in mid-December, and the best-case scenario is passage by the end of the year so Ukraine can apply to join SEPA.
Ukraine risks missing the opportunity to join the Single Euro Payments Area unless it passes anti-money laundering laws in time.
The Verkhovna Rada is set to consider Bill No. 14327-d in its first reading on Nov. 10.
The legislation package would bring Ukrainian rules closer to European standards and establish a register identifying where people hold bank accounts or safe-deposit boxes.
Lawmakers are divided over which authorities should have access to the register.
SEPA membership could reduce transfer costs for Ukrainians and businesses, with annual savings estimated at Hr 10 billion ($220 million).
- Who
- Ukraine and its lawmakers. The Verkhovna Rada is considering laws needed for SEPA access.
- What
- Ukraine faces a deadline to pass anti-money laundering legislation needed to qualify for SEPA.
- When
- The main bill is scheduled for a first reading on Nov. 10. The EU’s new anti-money laundering rules are due to take effect on July 10, 2027.
- Where
- Ukraine; SEPA links 41 countries and territories.
- Why
- Ukraine must align its anti-money laundering laws with European standards to qualify for SEPA, which could make euro transfers faster and cheaper.
European Commission representatives
Ukrainian lawmakers
Access to the register
European Commission representatives
European Commission representatives want access extended to law enforcement agencies investigating financial crimes, organized crime and corruption.
Ukrainian lawmakers
Lawmakers plan to give direct access initially to the Bureau of Economic Security, NACP and ARMA, and discuss access for other law enforcement bodies before the bill’s second reading.
The Verkhovna Rada is set to consider Bill No. 14327-d in its first reading.
Parliament could consider the bill again if it passes its first reading and lawmakers shorten the time for submitting amendments.
In the best-case scenario, the law would be passed, allowing the National Bank of Ukraine to submit a SEPA application.
The EU’s new anti-money laundering rules are due to take effect.
- Main bill
- No. 14327-d
- Related bills
- No. 15501 and No. 15503
- SEPA reach
- 41 countries and territories
- Estimated annual savings
- Hr 10 billion ($220 million)
- Initial proposed register access
- Bureau of Economic Security, NACP and ARMA
1 source
What people are saying
We may not be members of the European Union yet, but joining SEPA would make us part of the European payment area
It would be a form of partial European integration, something like 'financial visa-free travel' for Ukraine.
If we fail to meet the current deadline, we could miss the opportunity to join SEPA under the existing rules