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Press Release


President Kuchma Signs Decree on Measures to Combat Shadow Economy

March 20, 2001 #17


President Leonid Kuchma has signed the decree "On the Ukrainian National Security and Defense Council's Decision on Measures to Combat the Shadow Economy". The decree introduces the Ukrainian National Security and Defense Council's decision and approves the basic principles for combating money circulation in the shadow economy.

The decree directs the Cabinet of Ministers and the National Bank of Ukraine to jointly redraft the state program for combating shadow economy within two months. The new version of the program should include measures aimed at preventing money circulation outside the banking system and measures for development of the national banking system. The program should also impose restrictions on attraction of loans from offshore zones at interest rates higher than the rates prevailing on the domestic market.

The decree further directs the Cabinet of Ministers and the National Bank of Ukraine to draft proposals during the first half of this year on legislative amendments aimed at limiting the number of bank accounts that may be opened by enterprises, improve the system of control over the movement of currencies and payment cards into and out of Ukraine.

The decree directs the Interior Ministry, the Economics Ministry, the Finance Ministry, and the Security Service to draft a program aimed at preventing the creation of fictitious enterprises.

According to the decree, an inter-departmental commission for financial security will be created under the Ukrainian National Security and Defense Council.


For more information, please contact:

Taras Malyshevskyi, Press secretary of the Embassy of Ukraine
310 Somerset Street West, Ottawa, ON K2P 0J9
tel. (613) 230-2961, fax (613) 230-2400,
Web-site: www.infoukes.com/ukremb