Today, on 24 May, the Verkhovna Rada of Ukraine passed in the first reading the draft law No. 9235, which will require banks to disclose banking secrecy upon request of ARMA or the Ministry of Justice of Ukraine.

Currently, the Law ‘On Banks and Banking’ doesn't provide for the possibility to disclose information about the assets of a sanctioned person, as such information is classified as banking secrecy, and the relevant amendments haven't been made, making it impossible to find and trace the assets of sanctioned persons. The provisions of the Draft Law 9235 regulate this issue.

In particular, Article 62 of the Law proposes to allow the disclosure of such secrecy at the request of ARMA. In particular, for the purpose of taking measures to find and trace the assets of individuals and legal entities subject to sanctions, as well as assets in respect of which such a person may directly or indirectly (through other individuals or legal entities) perform actions identical in content to the exercise of the right to dispose of them.