The National Bank of Ukraine (NBU) is advocating for the adoption of revised draft laws on financial monitoring to facilitate Ukraine’s accession to the Single Euro Payments Area (SEPA). The NBU highlighted that legislative inconsistencies in this area have been a significant impediment to Ukraine’s integration into SEPA. First Deputy Governor Serhiy Nikolaychuk noted that the previous draft of the legislation faced criticism and was withdrawn from the parliament following the change of government, but the NBU is determined to resolve these issues through amendments.
SEPA, which facilitates cross-border payments in euros, is a crucial step for Ukraine’s financial integration with the European Union. The NBU’s efforts to align Ukrainian legislation with SEPA requirements underscore the country’s commitment to financial reform and modernization. The successful adoption of these amended laws could significantly enhance Ukraine’s banking sector and improve its financial services infrastructure, making it more competitive and aligned with EU standards.