Economic crime legislation should be brought in line with European standards, President Viktor Yanukovych said at a meeting on the humanization of punishment for economic violations.

The President stressed that the question of improving the legislation regulating punishment for economic crime is extremely topical.

Viktor Yanukovych said that overly harsh criminal responsibility for economic crime restricts the rights and freedoms of citizens and their entrepreneurial activity on the one hand, and does not bring any benefits to the state, which actually does not receive proper compensation for the caused damages on the other.

"Economic crimes corrupt law enforcement agencies, the courts system. Our goal is to ensure that economic crime law violators are made repay the damages they caused the state, and that they have the motivation to do so. If it is able to get back the money, the state should significantly mitigate punishment."

The President stressed the need to approve these changes before the adoption of the new Criminal Procedure Code. "Our aim is to improve the legislation and bring it in line with European standards," he said.

Presidential Adviser, Presidential Administration Main Office for Judicial System Affairs Head Andriy Portnov has informed the meeting on the elaborated proposals, aimed at improving the legislation regulating punishment for economic crime.


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