On March 22, the president of Ukraine, Volodymyr Zelensky, signed the Law relating to The Bureau of Economic Security. As we wrote previously, the main function of the Bureau of Economic Security (BES) will be to provide analysis, not to put in force. The Bureau will analyse the beneficiaries of financial transactions and determine whether there is a violation of the law within business or government.
In detail, BES 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 as listed below:
- to carry out operational and investigative activities (including pre-trial investigations);
- to perform a 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 documentation 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 firstname.lastname@example.org .
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