On Mar. 22, the Cabinet of Ministers of Ukraine approved a draft law on the establishment of the Financial Investigation Service (FIS) aimed at protection of the banking and financial systems. The new body will be responsible for the detection and investigation of crimes against the state’s interests in economic, financial and fiscal sectors. The document was developed in cooperation with the Ministry of Finance and experts.
The new service will pay considerable attention to analytical and preventive work to identify the factors enabling the commission of financial crimes. Thus, the FIS will change the power-based approach to the modern methods of investigation. Also, the structure will be completely demilitarized and removed from the State Fiscal Service.
The establishment of the FIS should help to reduce the number of financial crimes, protect the banking system, reduce budget expenditures, and finally – improve the business climate and attract new investment.
Further, the draft law will be considered by the National Reform Council and the Verkhovna Rada of Ukraine.
Source: the Cabinet of Ministers of Ukraine