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Parliament approves measure strengthening financial monitoring of politicians

by Nate Ostiller October 17, 2023 5:08 PM 1 min read
The Verkhovna Rada (Ukraine's parliament) building in Kyiv. (Prisma/Universal Images Group via Getty Images)
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The Verkhovna Rada, Ukraine's parliament, has supported a measure increasing the duration of financial monitoring of Politically Exposed Persons (PEP) from three years to life, lawmaker Yaroslav Zhelezniak said on Oct. 17.

The measure passed with 278 in favor and one against, easily clearing the minimum threshold of 226 votes required for passage.

PEP refers to those in government who have significant responsibilities and therefore may be more susceptible to corruption.

The measure is intended to disincentivize politicians from using their positions to enrich themselves, as it extends the increased scrutiny on their finances past their time in office.

Danylo Hetmantsev, another lawmaker in favor of the measure, said that politicians must be willing to sacrifice their personal interests in exchange for the common benefit of the country.

The measure will fulfill the requirements of the International Monetary Fund (IMF), Zhelezniak said, adding that it should be considered a vital step in the upcoming negotiations on Ukraine's integration with the EU.

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