First vice Prime Minister of Ukraine commented on activation of fraudulent schemes in the financial market and the government's plans to end the "pyramidal" mechanisms of deception of citizens, the press service of the first vice-premier reports.

Serhiy Arbuzov noted that the fight against pyramid schemes at the legislative level has just begun. "The bill on prohibition of pyramid schemes in Ukraine is already registered in the Parliament and I hope it will be passed in the near future. The purpose of the document is to protect citizens from swindlers, operating on the financial market, the number of which has increased dramatically during the crisis. To prevent fraudulent schemes, the bill introduces criminal liability including imprisonment for up to eight years for those, who create financial bubbles," the first vice PM stressed.

Arbuzov said that the government is closely monitoring the situation in the market and is actively working on measures to counter criminal business adaptation to legal methods of combating financial fraud.

"The law will be the basis, the foundation for the system and operational fight against the development of criminal business. The government conducts a reasonably constructive work with business associations and the public to stop any possible methods of financial deception of Ukrainians," he said.

According to Arbuzov, at this stage, the government is working to create an effective legal structure to prosecute the organizers of e-pyramids, which exist only virtually. "This is a difficult question, as such schemes are based on electronic money, the organizations are not legally registered anywhere, the means of "investors" do not become the property of the organizer, and are stored on their personal accounts or accounts of intermediaries," Arbuzov said.

He added that there will be worked out measures to combat pyramid schemes in the stock market, activity of pseudo forex brokers offering Ukrainians earn in the foreign exchange market.

Arbuzov said that the relevant ministries will fill the law on the prohibition of pyramid schemes with clear criteria, which will allow distinguishing between the pyramid manipulation and legitimate financial services.

"I can assure that honest entrepreneurs, who work in the financial market, will not be affected. I am confident that establishing clear rules of the game in the financial services benefits both business and the state," first Vice Prime Minister of Ukraine concluded.


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