The Cabinet of Ministers approves the draft law establishing the Financial Investigation Service

3/22/17

Today, the Cabinet of Ministers of Ukraine has approved the draft law on the creation of the Financial Investigation Service (FIS).
The draft law was elaborated by the Ministry of Finance jointly with experts and amended by the working group convened by Prime Minister V. Groysman.

What’s it about?

The core tasks of the FIS shall be the detection, prevention, disclosure and pre-trial investigation of acts violating state interests in the fields of economy, finance and taxation. The new authority will also be entitled to pursue analytical and prevention activities aimed to detect factors which might make such violations possible.
The specific feature of the FIS is departure from the enforcement to a more comprehensive analytical approach using up-to-date investigation methods. The Financial Investigation Service will be completely demilitarized; it will employ new personnel with appropriate remuneration and will be separated from the State Fiscal Service.
The creation of the Financial Investigation Service is supported by the President and the Prime Minister of Ukraine. This is also stipulated in the Coalition Agreement, the Action Plan of the Government and the Memorandum on cooperation between Ukraine and the IMF. The draft law on the FIS is actively supported by Ukrainian business-associations and civil organizations.

What’s the advantage?

The creation of the FIS is a strategic step contributing to a better business climate, new investments and further economic development.

The new state agency shall counter high-scale economic and financial crimes, prevent tax evasion and theft of public funds as well as protect the banking and financial sectors and reduce losses in the state budget.

What’s next?

The draft law shall soon be examined by the National Reform Council and submitted to the Parliament. Steps are already being made to ensure the launch of the Financial Investigation Service.

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