Peculiarities of Financial Crime Detection and Prevention in the Course of Credit Union Activity
Keywords:
credit union, financial services, criminal offence, administrative liability, subject of criminal offence
Abstract
Article provides characteristic of financial service market with focus on typical crimes committed in the course of credit union activity. With the aim to identify the abovementioned illegal activity author describes the key measures taken by NPU Financial Crime Departments to detect any facts of potential power abuse in the course of credit union activity thoroughly checked and analyzed. Still current situation illustrates weak state control over the credit union functioning which is one of the factors fostering illegal activity. According to the data provided by National Commission on State Financial Service Regulation and Prosecutor-General’s Office of Ukraine in 2016 408 cases of illegal activity identified in the course of credit union activity were included in the Unified Register of Pre-Trial Investigations. As a rule, these credit unions used a popular «financial pyramid» scheme. In 2016 20 criminal offence acts were drawn up by the National Commission on State Financial Service Regulation against credit market subjects along with 37 acts against credit unions upon citizens’ complaints. The strategy of financial market securing is based on relevant legal measures development – current legislation regulating the illegal activity prevention required improvement and is characterized as unbalanced due to absence of universally recognized concept of legislative base development, duplication of subjects’ functions and poor legal coverage of state agencies’ cooperation mechanisms.Downloads
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How to Cite
[1]
Takhtai, O. 1. Peculiarities of Financial Crime Detection and Prevention in the Course of Credit Union Activity. Law Magazine of the National Academy of Internal Affairs. 13, 1 (1), 276-286.
Issue
Section
Legal regulation of law enforcement
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