Subordinate to the Ukrainian government,  the Bureau of Economic Security will act to  prevent and counter crimes in economy and finance.

Earlier adopted by the Verkhovna Rada,  the law no. 1150-IX ‘On Bureau of Economic Security’ was signed by the Ukraininan president  Volodymyr Zelensky on March 22.

Anouncing the launch of the new govermental body, the Ukrainian PM Denys Shmygal said that the Economic Security Bureau comes as ‘a final step toward phasing out of tax militia’ that will ‘put an end to pressure on businesses’ and is pioneering ‘a new analytical approach to investigation of economic and financial crimes’.

The newly-established Bureau is tasked to deal with ‘offences that infringe on economy of the country’.

According to the law,  the Bureau of Economic Security is authorized to:

  • use ‘structured and non-structured data’ to monitor ‘risk zones’ in economy
  • assess risks challenging Ukraine’s economic security to resolve such issues
  • initiate law amendments to prevent illegal economic activities and schemes
  • detect and investigate  crimes that damage Ukrainian state economy
  • collect and assess data on economic crimes
  • plan and administer economic crime prevention measures
  • track down crimes that appropriate and misuse international aid
  • draft and propose recommendations for state officials to enable more effective economy regulation policies.