Responsibility for Registration in Ukraine

In any country, one of the important aspects of the stability of the financial system and the economy as a whole is the fight against the legalization of illegally obtained income. Ukraine is no exception. The current legislation provides for responsibility for cashing out, i.e., legalization of income. In this article, we will look at what liability is provided for bankruptcy in Ukraine. If you need the help of a lawyer on this matter, contact the specialists of our legal office Prykhodko and Partners.

Bank account in Ukraine: what responsibility is provided?

Income legalization is the process of concealing the origin of income obtained illegally in order to integrate it into the general financial flow. The main goal of the fundraiser is to transform funds acquired illegally into legal operations or investments that will not arouse suspicion.

For example, if a private entrepreneur does not want to give almost 50% of his profits to the state as a tax, then he succeeds in the "obnalization" schemes. That is, a fictitious agreement is concluded (on the lease of premises, equipment, etc.). the entrepreneur transfers a certain amount of money to the company's account. This money is transferred to "cash". The benefit is that the entrepreneur will pay no more than 40% of taxes. At the same time, there is no "collapse" commission. Such schemes lead to liability, in particular, criminal.

The following responsibility is provided for the registration in Ukraine:

• Administrative responsibility

In case of violation of the rules of conducting financial transactions, administrative liability is provided, which consists in fines.

• Criminal liability

Criminal liability for embezzlement is regulated by Article 209 of the Criminal Code. The measure of punishment is imprisonment for a term of 8 to 12 years. In addition, deprivation of the right to engage in certain activities for a period of up to 3 years is provided for.

• Confiscation of property

The law regulates the confiscation of property acquired through bankruptcy.

• Tax liability

If there is financial manipulation of state fees or taxes, such actions will be regulated by the regulations of the Tax Code.

Is it possible to protect oneself from liability for overdraft in Ukraine?

In order to avoid liability for overdraft, it is necessary to comply with the norms of the current legislation, namely:

• Do not deviate from financial requirements

It is worth cooperating only with legal financial institutions and complying with all the requirements of the current legislation regarding taxation and reporting.

• Thorough checking of counterparties

Before entering into financial agreements, it is worth checking the counterparties and sources of origin of funds. Don't work with people who don't have a good reputation.

• Cooperation with professional lawyers.

If you doubt the legality of conducting any financial transactions, the ideal solution would be to contact professional lawyers. Prykhodko and Partners specialists will be able to help you with this.

Therefore, the responsibility for the bank account is quite a serious issue. Violations of current legislation in this area have serious legal consequences.

It is important for all financial entities to comply with legal requirements. That is why everyone should be aware of their own responsibilities. If there is such a need, it is necessary to enlist the support of professional lawyers. Lawyers Prykhodko and Partners provide a full range of services related to the legal conduct of financial transactions.

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