Draft Law of Ukraine

"On Economic Amnesty"

This draft stipulates that all funds (monetary funds, securities, jewelries, and any other property) earned by Ukrainian citizens during the period of 1991-2002, and under the various circumstances brought (transferred) outside Ukraine, if returned into Ukraine during the period January 1 - December 31, 2003 shall be subject to economic amnesty.

According to Chernovetsky's proposal law-enforcement bodies, executive and juridical authorities shall not have the right to check the source of origin with respect to funds, jewelries and other property brought into Ukraine. According to the proposal made by the above parliamentarian general declaration requirements shall not apply to those funds, jewelries and other property, which are brought back into Ukraine.

The initiator of the draft law offers to apply amnesty to those funds, jewelries and other property that, according to the court decision, have been gained from illegal source, in particular in the result of human traffic, drug traffic, premeditated murder.

This draft contains no explanations as to what is the goal of the economic amnesty and whether the funds' owner is required to pay taxes on these funds. This draft does not clearly outline whether owners who return their concealed funds shall incur any responsibility for tax evasion.