News (#06 June 2016)

Lawyers News

KPMG Ukraine contributed to International Compliance book

In May 2016, the International Compliance publication was issued. This book is the result of the joint efforts of thirty KPMG offices. The Ukrainian KPMG team has drafted a chapter on compliance practices and trends on the domestic market. The book will be helpful for both students of law and for practicing lawyers.

The chapter prepared by the Ukrainian team offers analysis of the fields of law that should be subject to compliance regulations in Ukraine; information on liability of businesses, management and shareholders for non-compliance with the laws on business activity in Ukraine; and mentions 5 of the most common mistakes made by foreign investors when addressing compliance issues in Ukraine.

Tetiana Kheruvimova, senior associate, and Olga Dubanevych, associate at KPMG in Ukraine, noted that preparation of such a high-profile publication became was the first experience for the KPMG team in this area. Ukrainian legislation is sufficiently developed to build a robust compliance system, although creation of such system should go hand-in-hand with the development of a culture that will encourage business players to implement relevant compliance programs. The analysis by KPMG lawyers of the development of the national compliance will be useful not only for colleagues, but would also serve as a guide to the Ukrainian market for foreign investors.

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