Verkhovna Rada supported in the 1st reading the establishment of the Financial Investigation Bureau

On October 2, 2019 Verkhovna Rada approved in the 1st reading the draft law providing for the creation of the Financial Investigation Bureau.

This draft law aims to separate law enforcement and service functions of the tax authorities, liquidate tax militia, optimize the structure and number of authorities investigating financial crimes and prevent an overlap of their powers. 

According to the draft legislation, Financial Investigation Bureau is a state authority subordinated to the Cabinet of Ministers of Ukraine through the Ministry of Finance. The key functions of the intended authority are to prevent, detect, investigate and solve the crimes under its jurisdiction.

The adoption of this draft law will enable the government to take new analytical approaches to combating financial crimes and effectively investigate complex crime schemes, optimize the structure of law enforcement authorities, significantly limit budget losses through prevention of financial crimes and unfair competition as well as to improve business climate by building partnership between business and state authorities.