The National Bank has warned Ukrainians of its intention to introduce limits and restrictions on money transfers
TheNational Bank of Ukraine is developing a draft decision to restrict card transfers and introduce limits on cash transfers through self-service terminals, Pryamyy reports. This was announced on February 8 at the conference "Finance for Business in Time of War" by Kateryna Rozhkova, First Deputy Governor of the NBU, focusing on the problem of shadow payments.
Rozhkova called additional restrictions on transactions of individuals and restrictions on the disposal of their own funds a sensitive and relevant topic.
"From the point of view of introducing additional restrictions on transactions of individuals... restrictions on the disposal of... own funds, this is a very sensitive topic. We are studying this issue from all points of view," the NBU representative said.
However, according to her, this does not apply to the whole country, but it affects a large number of businesses, which "continue to use a variety of mechanisms of evasion, tax reduction, etc."
"We are currently working on this issue and will continue to consult with our colleagues from the relevant committee on how best to do this so that, on the one hand, we do not restrict normal business and normal people, and on the other hand, we still reduce the possibility of manipulation and circumvention of the law," Rozhkova added.
What the relevant committee of the Verkhovna Rada says
On February 5, the head of the Verkhovna Rada Committee on Finance, Taxation and Customs Policy, Danylo Hetmantsev, said that the National Bank of Ukraine proposes to restrict money transfers in Ukraine during martial law.
According to him, the restrictions are needed to further combat mystery shopping and shadow financial transactions. He added that there are schemes in the non-cash payment segment that allow prohibited business activities to take place. For example:
- illegal organization and conduct of gambling;
- legalization of the proceeds of crime;
- fraudulent schemes using phishing;
- use of virtual assets for gray and shadow transactions.
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