The Parliament Adopted a Law on Establishment of the Bureau of Economic Security of Ukraine

The Parliament of Ukraine adopted the Law of Ukraine "On the Bureau of Economic Security of Ukraine" (No 3087-d). 242 Members of Parliament voted for this decision.

The document was developed to eliminate the tax police and to create an independent state law enforcement agency, which should perform the functions of analytical assessment, prevention, detection, termination and investigation of criminal offenses under its jurisdiction.

The draft Law provides for the establishment of the Bureau of Economic Security of Ukraine as a body of executive power, the activities of which are directed and coordinated by the Government. It also defines the tasks, functions and powers of the Bureau of Economic Security of Ukraine, control over its activities, legal status, duties and responsibilities of employees of the Bureau, etc.

The adoption of the Law will contribute to:

• introduction of new analytical approaches to combating financial crimes and conducting effective investigations of complex criminal schemes;
• avoiding budget losses by preventing financial crimes and minimizing unfair competition;
• optimization of the structure of law enforcement agencies and the logistics.

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The adoption of the Law on the establishment of a body for financial investigations is part of Ukraine’s international obligations. In particular, it is provided by the Memorandum of Economic and Financial Policy with the IMF and the Memorandum of Understanding between Ukraine as the Borrower and the European Union as the Lender (regarding Ukraine's receiving of macro-financial assistance from the EU).