Serhiy V. Lyeonov, Anton O. Boyko, Victoria V. Bozhenko, Anastaciia V. Kirilieva
The Investigation of the Socio-Economic Transformations Impact on the Process Intensity of Involving Financial Institutions to the Legalization of Criminal Incomes
(original language – Ukrainian)

https://doi.org/10.21272/mer.2018.82.08
The article deals with the features of manifestation of shadow economy in Ukraine. The level of shadow economy in Ukraine is analyzed and researches compare with European countries. The authors substantiate that shadow schemes in business, corruption, imperfect state regulation latest technologies in the financial sphere and rapid development of the cryptocurrency market led to the fast development of processes for the legalization of criminal incomes involving financial institutions. The peculiarities of carrying out operations on legalization of the proceeds received illegally, and financing of terrorism through the intermediary of financial institutions were investigated. The authors state that the lion's share of shadow capital is formed at the expense of income derived from economic crimes and other offenses – in foreign economic activity, credit and financial sphere, fuel and energy complex, agro-industrial complex, in the market of metals and minerals. As a result of the study, it was found that services of banking institutions are mainly engaged in servicing export-import and investment operations that have signs of fictitiousness, as well as for legalization of illegally obtained funds (capital withdrawal abroad, illegal conversion of cashless funds, tax evasion or reduction of the tax base). The article substantiates that money laundering as a result of criminal activities has become a global threat to economic security, which requires to adopt agreed measures to combat this socially dangerous activity both at the national and international levels by combining the intellectual and organizational efforts of many state institutions that are able not only to expose, but also to stop illegal financial transactions, masking the criminal origin of funds or other property.

Key words: bank, cash conversion, money laundering, shadow economy, fictitious company.

Placed in №4, 2018.

Affiliations: SERHIY V. LYEONOV, Dr. (Economics), Professor, Department of Economic Cybernetics,
Education and Research Institute for Business Technologies «UAB», Sumy State University
ANTON O. BOYKO, C.Sc. (Economics), Associate Professor, Department of Economic Cybernetics,
Education and Research Institute for Business Technologies «UAB», Sumy State University
VICTORIA V. BOZHENKO, C.Sc. (Economics), Associate Professor, Department of Economic Cybernetics,
Education and Research Institute for Business Technologies

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