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The Bureau's main function will be analytical work, rather than enforcement powers.
Ukraine's Cabinet of Ministers has passed a draft resolution to establish the Bureau of Economic Security, which will deal with crimes committed in the economic sphere.
The government adopted the relevant resolution at a meeting on May 12, as reported by an UNIAN correspondent.
The document is expected to be finalized within 24 hours.
The memo to the bill says that the Bureau's main function will be analytical work, rather than enforcement. The agency will analyze data on beneficiaries of financial transactions and determine violations of law in the circulation of funds by businesses or government agencies.
"This is one of the final steps toward the elimination of tax police. This is the end of forceful pressure on businesses. This is the end of raids, this is an analytical approach to the investigation into financial and economic crimes," said Ukrainian Prime Minister Denys Shmyhal.
The top official said the creation of the Bureau of Economic Security is "a new page in relations between government and businesses."
Background
On January 28, 2021, the Verkhovna Rada, Ukraine's parliament, passed a draft law to create the Bureau of Economic Security, which will take up functions to prevent, detect, suppress, investigate, and solve crimes in the field of formation and use of financial resources of the state.
On March 11, 2021, Ukrainian President Volodymyr Zelensky signed the bill into law.