Politics 2024-07-15T06:39:32+03:00
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Law On Oligarchs Comes Into Force On May 7, 2022

Law On Oligarchs Comes Into Force On May 7, 2022

law, oligarchs, law on oligarchs

The law on oligarchs comes into force on May 7, 2022.

This is evidenced by the information contained in the signed law, Ukrainian News Agency reports.

The law was published in the parliamentary newspaper Holos Ukrainy on November 6.

According to the text of the law, it comes into force the next day after publication and put into execution 6 months after the date of entry into force.

"This law comes into force on the day following the day of its publication, and put into execution six months after the date of its entry into force," the statement reads.

At the same time, on November 3, the Verkhovna Rada eliminated inconsistencies in the text of the law and instructed Speaker of the Parliament Ruslan Stefanchuk to sign it without delay.

Correction of the text of this document consisted in the technical correction of individual words, phrases in the text.

The profile committee on national security, defense and intelligence after the adoption of the bill in the second reading edited the text of the law with an amendment on the adoption of decisions on the inclusion of persons in the register of oligarchs by the National Security and Defense Council (NSDC).

At the same time, earlier the committee asked the former chairperson of the Verkhovna Rada, Dmytro Razumkov, to re-vote for the bill on oligarchs due to a legal collision, which consisted in the fact that the Members of Parliament, when voting in the second reading, simultaneously took into account several amendments that contradict each other.

So, according to amendment No. 398, the decision on recognition as an oligarch is made by the chairperson of the National Agency on Corruption Prevention (NACP) upon the appeal of the Commission on Countering the Excessive Influence of Persons with Significant Economic or Political Weight in Public Life, and according to Amendment No. 406, the decision on recognition as an oligarch is accepted by the NSDC on the basis of the submission of the Cabinet of Ministers, a member of the NSDC, the National Bank, the Security Service of Ukraine (SSU) or the Antimonopoly Committee of Ukraine (AMCU).

As Ukrainian News Agency earlier reported, on November 5, Stefanchuk signed the law on oligarchs.

On the same day, a few hours later, President Volodymyr Zelenskyy signed it.

Zelenskyy has promised to sign a law on oligarchs and send it to the European Commission for Democracy through Law (Venice Commission).

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