The Government of Ukraine plans to cancel the banking secrecy, by giving law enforcement agencies access to citizens' financial information. Under the new rules, government agencies will be able to track the movement of funds in Ukrainian accounts.
What the new draft law provides for
The draft law, which is currently being considered by the Verkhovna Rada, provides for cancellation of bank secrecy in Ukraine. This means that law enforcement agencies will have the right to check information about citizens' bank accounts without a court order. According to the authorities, this will help fight money laundering, terrorist financing and other crimes.
Critics of the law point out that such changes may violate the right to privacy and lead to abuse by state authorities. At the same time, the government assures that access to information will be strictly controlled and used only within the law.
Public and expert reaction
Civil society activists and human rights defenders have expressed concern about potential human rights violations. They emphasise the need to establish clear mechanisms to control the use of personal data in order to avoid unlawful interference with the private lives of citizens.
Financial experts note that the disclosure of banking information can be an effective tool in the fight against corruption and the shadow economy, but stress the importance of a balance between security and human rights.
What will change for ordinary citizens
With the new law coming into force, citizens can expect greater control over their financial transactions by the state. This means that any suspicious transactions will be quickly identified by law enforcement.
At the same time, experts recommend that citizens closely monitor their financial transactions and keep documents confirming the origin of their funds. This will help to avoid misunderstandings and possible inspections by state authorities.
Ukrainian
English
