Activity of company that created a chain of fictitious enterprises for money laundering was exposed

Tax specialists exposed money laundering scheme of budgetary funds totaling 3.7 million UAH by overestimating the cost of repair work performed by the company under concluded agreements with the state enterprise. Herewith, products for the repair work were not delivered and the company did not actually incur costs for the specified amount.

Specialists of the Anti-money laundering department of Main Directorate of STS in Cherkasy region found out that the transfer of funds was carried out by the company to accounts of business entities with “transit” signs. They, in turn, later transferred them to accounts of business entities with “fictitiousness” signs in the form of payment for the supply of products.

Such actions have signs of money laundering through the creation of an artificial chain of enterprises with fictitiousness signs and with a mismatch in content of financial operations.

The specified materials were handed over to the law enforcement agencies for criminal proceeding under Article 191 of the Criminal Code of Ukraine.