On September 3rd 2020, the supreme legislative body of Ukraine (Verkhovna Rada) adopted a Draft Law № 3087-d “On the Bureau of Economic Security of Ukraine” through which it proposes the establishment a single body that will investigate economic crimes. The authorities believe that the proposal will assist in optimizing the current structure and the number of bodies involved within the economic crime prevention sphere.
The Draft Law states that the Bureau is an advanced legislative body aimed at preventing, detecting, terminating, investigating as well as disclosing economic crimes. The Bureau of Economic Security will carry out its responsibilities through detectives, inquiries, analysts, and technical staff. Specifically, Article 8 of the Draft Law describes an extensive list of the Bureau`s powers:
- to carry out operational and investigative activities (incl. pre-trial investigations);
- to perform search on criminals;
- to carry out information retrieval and information-analytical work;
- to form a single database of analytical and information support for pre-trial investigation, operational and investigative activities;
- to demand the necessary information and documents to perform the powers of the Bureau.
Overall, the Bureau of Economic Security will play the role of an economic supervisor, eliminating the Tax Police.
For further information on how you or your business can prepare for the new standards or to discuss your potential actions, please contact our Kyiv Tax and Legal Department at email@example.com
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