The law on electronic financial reports of political parties published in the official press

Закон об электронной финотчетности партий опубликовали в официальной прессе

In the parliamentary newspaper “Voice of Ukraine” published the law on simplifying the procedure of financial reporting of political parties and transfer her submission from paper to electronic form.

Law No. 410-IX “On amendments to some laws of Ukraine concerning prevention and counteraction of political corruption” is also published on the newspaper’s website.

The law simplifies the procedure of financial reporting of political parties stipulated by the law “On political parties”, replacing the paper form of the financial statements to electronic. This will reduce the burden on the representatives of political parties, responsible for preparing and submitting financial statements and increase the efficiency of the National Agency for prevention of corruption (NACP).

So, according to the law, after the creation and launch of an electronic reporting system, the representatives of the parties will be able to complete financial reports of the parties about the assets, income, expenses and obligations of financial nature online at NACP and submit them through the electronic system.

NACP has six months from the date of entry into force of this law, shall ensure the development and operation of electronic system of filing parties.

Prior to the operation of this electronic system political forces are reporting as usual.

The law also provides for the possibility of contributions to support parties through payment systems, in particular online, provided that such system will allow to clearly identify the donor and the purpose of the ongoing payment.

The law also defines the subject of intra-party financial audits and independent external financial audits of parties that will facilitate the proper verification of financial statements before checking the NACP.

In addition, the document provides for the strengthening of the independent external and internal party control in relation to the financing activities of political parties and their use of funds.

The law shall enter into force on the day following the day?? its publication, except subparagraph 4 of paragraph 1 and paragraph 4 of section I, which shall enter into force from 1 January 2021.

As reported, the Verkhovna Rada adopted the law on 19 December 2019, and January 13, 2020 it was signed by President Vladimir Zelensky.