Ukraine risks missing window to pass anti-money laundering laws for European payment access
Time is running short for Ukraine to pass the anti-money laundering laws it needs to join the Single Euro Payments Area (SEPA), a network that makes euro transfers faster and cheaper, as lawmakers remain divided over who should have access to bank account information.
Ukraine faces a deadline to pass anti-money laundering laws to join the Single Euro Payments Area (SEPA), a network that enables faster and cheaper euro transfers across 41 countries. The Verkhovna Rada, Ukraine's Parliament, is set to debate Bill No. 14327-d in its first reading on November 10. The bill, along with two related bills, aims to create a central register of bank account and safe-deposit box information, allowing investigators to track financial activities and freeze assets when necessary.
Access to the register is a contentious issue, with European Commission representatives seeking broader access for law enforcement agencies investigating financial crimes, organized crime, and corruption. Initially, lawmakers plan to grant direct access to the Bureau of Economic Security, the National Agency for the Prevention of Corruption, and the Asset Recovery and Management Agency. However, access for other law enforcement bodies remains under discussion before the bill's second reading.
Ukraine must align its anti-money laundering laws with European standards to qualify for SEPA membership. Experts estimate that Ukrainians and businesses could save around Hr 10 billion ($220 million) annually through lower bank fees and transaction costs. However, if Ukraine misses the current deadline, it may miss the opportunity to join SEPA under existing rules due to stricter requirements taking effect in July 2027.
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