MPs pass law to combat illegal financial organizations

The Verkhovna Rada of Ukraine passed the Law "On Amendments to Article 4 of the Law of Ukraine "On Financial Services and State Regulation of Financial Markets" with respect to the types of financial services". As ForUm correspondent reports, the law aims to combat organizations, involved in illegal activity and fraud. The governmental bill was supported by 240 MPs in the second reading.

Deputy chairman of the Party of Regions faction Volodymyr Oliynyk told ForUm correspondent that the law aims to combat organizations simulating financial activity to deceive people. In particular, such as pyramid schemes, pseudo-credit unions, etc.

The law specifies the list of services which shall be considered financial; prohibits the provision of financial services not included in this list; gives the bodies responsible for state regulation of the financial services the right to make a decision about belonging of operations to a certain type of financial services.