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Ukraine's Bureau for Economic Security will start operating by end-Dec – memo with IMF.

Ukraine's Bureau for Economic Security will become operational by the end of December 2021.

That is according to an updated Memorandum of Economic and Financial Policies between Ukraine and the International Monetary Fund, Ukrinform reports.

"With the goal of consolidating the investigative authority of economic crimes into a single investigative body, Ukraine's Bureau for Economic Security will become operational by end-December 2021," the document reads.

This authority will take over the responsibility for investigating economic, financial, and tax fraud and crimes that resides with the national police, the state secret service, and the tax police, but with the exception of those instances that fall under the jurisdiction of the National Anti-Corruption Bureau of Ukraine (NABU).

According to the document, the law sets out clear rules for management selection, internal decision-making, and oversight to ensure operational independence and proper oversight and accountability.

The Verkhovna Rada adopted the law "On the Bureau for Economic Security of Ukraine" on January 28, 2021. On May 12, the Cabinet of Ministers established the Bureau for Economic Security, which is tasked with combating offenses in the field of economy.

Read also: Ukraine vows to fulfill 12 conditions to receive next IMF tranches

Vadym Melnyk, director of the Bureau for Economic Security, has recently sent for approval to the Ministry of Economy of Ukraine, the Ministry of Finance and the Ministry for Digital Transformation a draft resolution of the Cabinet of Ministers "On the launch of the Bureau for Economic Security."

The Government of Ukraine has undertaken to implement 12 major structural benchmarks to receive funding under the IMF's Stand-By Arrangement, which the Fund extended until June 2022.

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