: :inin Kyiv (EET)

Fiscal Service raids Kyiv forex booths following reports on police cover-up

The State Fiscal Service of Ukraine on March 29, conducted searches in Kyiv`s illegal exchange booths, seizing more than UAH 10 million in cash, the press service of the agency said.
”According to the results of searches in illegal currency exchange offices in the city of Kyiv conducted on March 29, the officers of the Main Investigation Department of Financial Investigations of the State Fiscal Service together with the SBU employees seized UAH 4.248 million, $127,000, EUR 43,000, RUB 820,000, and other cash currency equivalent of more than UAH 10 million,” the report says.
Tax police together with the SBU Security Service of Ukraine exposed a group of Ukrainian citizens, who had conspired in an illegal scheme of grand tax evasion. For illegal activities the culprits were using unregistered forex booths.
The searches took place after the investigation of the Ukrainian TV show ”Hroshі” (Money) on the Ukrainian 1+1 TV Channel, as the journalists had exposed influential officials who presumably covered up the illegal business.
According to the report, the main business of some senior police officers is the protection racket of the forex booths.
”Terms of such business activity are established by the National Bank of Ukraine. Firstly, these are exchange restrictions, such as $130 per person, with obligatory registration of passport data. Secondly, it is a 1.5% pension fee when buying foreign currency. Thirdly, it is the lack of audits of the currency exchange offices after the reform of the National Bank,” the journalists said in their investigation.
According to their calculations, corrupt police officers managed to raise nearly $4 million per month from these schemes.


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