OREANDA-NEWS. November 21, 2013. Adoption of a Law on fighting pyramid investment scheme will put an end to fraud in the financial market, which has become a mass phenomenon due to the low level of financial awareness of the population and the lack of effective legislation bring to responsibility and punishment of swindlers.

This was started by the First vice Prime Minister Serhiy Arbuzov commenting the adoption by the Verkhovna Rada in the first reading of the bill submitted by the Government on the Prohibition of Pyramid Schemes in Ukraine (registration number 2700).

He explained that the bill proposed by the Government will implement a comprehensive system to combat the creation of pyramid schemes. In particular it is provided not only give a legal definition of this fraudulent scheme, but also to ban advertising of financial services, which have pyramidal evidence. In addition, the law establishes criminal liability only for the organization of pyramid schemes, but also for the promotion of their activities.

Recall, today MPs have voted for in the first reading of the bill on the Prohibition of Pyramid Schemes in Ukraine. The document provides a definition for not only the classic pyramids, but also to those that began to develop rapidly in recent years on the Internet. The bill proposes amendments to the Criminal Code, which involve a variety of sanctions, depending on the severity of the crime. The penalties can be: fine, restriction of liberty of up to three years or imprisonment up to 5 years.