A special inter-departmental commission

The interdepartmental task force created to counteract market abuse occurring in both money and foreign exchange markets of Ukraine and comprised of, in particular, representatives of the NBU and National Fiscal Service of Ukraine is preparing a set of proposals  on combating illegal currency exchange through some bureaus de change, RBK-Ukraine (РБК-Україна) reports quoting the sources in the NFS.

To accent, the proposals will specify the process of raising efficiency of the currency control, detenization of the cash market, joint monitoring of the banks associated with large bureaus de change.

The participants of the inter-departmental group say that they have elaborated the map showing all interconnections between commercial banks, transit exchange centers and transit currency exchange groups owing to the information exchange organized recently between fiscal officials and regulators.  Before, there has not been such cooperation of a “horizontal nature” between authorized government bodies that could ensure possible exchange of information and coordination of actions”, - said members of the inter-departmental group.

The task force staff added that unilateral actions of each party had a limited effect before due to lack of interaction between law enforcement agencies and regulators. Consequently, the market of illegal transit currency exchange services was formed and structured; moreover, bureaus de change, banks and commercial enterprises kept close cooperation. And, they still have a high level of data exchange relationships that help agree on rates of illegal currency exchange, check reliability of clients, and disseminate the information about actions and measures undertaken by law enforcement bodies.

“The state is a weaker party that counteracts the said negative effects”, - the source said.