Ukraine takes step toward joining European payments network with anti-graft law

Ukraine's parliament approved an anti-money laundering law aimed at aligning with EU standards, crucial for joining the SEPA payments network. The bill, supported by 249 MPs, requires a second reading and presidential approval. It establishes a central register for bank accounts, aiding investigations while addressing concerns over law enforcement access. Lawmakers plan to limit initial access to specific agencies amid ongoing anti-corruption efforts. The law's timely passage is essential for Ukraine to submit its SEPA application by December, potentially saving citizens significant transaction costs. However, skepticism remains about meeting the deadline due to legislative delays.