Ukraine to step up crackdown on economic crimes

09:56, 15 May 2013
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The Ukrainian government said Tuesday it has sent a drafted law to the parliament with increased penalties for economic crimes, according to Xinhua.

"The purpose of the document is to protect citizens from frauds who operate on the financial market," First Deputy Prime Minister Sergey Arbuzov said in a statement.

The bill, which is scheduled to be put for a parliamentary vote soon, also includes a series of options for prevention of fraudulent schemes, he added.

In particular, it imposes criminal liability for creating financial pyramids and Ponzi schemes.

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