Regionals want to introduce the institution of nominee bank accounts

The Verkhovna Rada of Ukraine registered a draft law on amending some legislative acts of Ukraine (concerning the introduction of nominee bank accounts). Bill № 8188 from 02.03.2011 referred to the Committee of People's Deputies from the PR Yuri Voropayev and George Skudar. The bill seeks to define the rights and obligations of the parties to the agreement of nominal bank account, namely, banks, account holders and beneficiaries, as well as all third parties on the funds available at a nominal account in a banking institution or entity that receives a corresponding license for mediation services using the nominal bank accounts. The purpose of this bill is to create an appropriate legislative framework for the development of calculations using the appropriate intermediaries, who are better known internationally as "escrow agent". Escrow agent or settlement of accounts with the escrow agent (based on the terminology of the bill - the nominal owner of the bank account) are already quite common in institutions in countries with developed financial system, which by its nature, reminiscent of the financial documentary credit, but with certain features. In particular, it is proposed to supplement the Civil Code of Ukraine article. 1066-1, which provides contract nominee bank account. The essence of this agreement lies in the fact that he was called by the client in order of receipt of funds, which he can not dispose of because it is owned by third parties. Said contract is mandatory if the beneficiary and must provide a list of documents in the presence of which it is possible to withdraw funds from the nominal bank accounts to current accounts of the beneficiary. In addition, taking into account the specific status of this account is determined by a special procedure for write-offs from it, limited the rights of the owner of the nominal bank account on the order of cash, with which it is located. You also have the opportunity to provide banking institutions with information on the status of the rated bank account at the request of the beneficiary, if such agreement provides nominal bank account. MEPs also propose to amend the Tax Code. Bill № 8189 from 02.03.2011 referred to the Committee. It is proposed to make changes to ensure protection of funds held in nominee bank accounts opened in the name of the taxpayer, in the exercise by the state tax service of fiscal functions in respect of the taxpayer.