Over the past ten years, approximately $117 billion has been illegally transferred from Ukraine abroad. This information was reported to the media by Oleksiy Kushch, advisor to the president of the Association of Ukrainian Banks, according to Gazeta.ua.
The expert noted that a large portion of these funds was simply the laundering of budget funds. Kushch reported that 70% of the siphoned funds are then returned to personal accounts in Ukraine.
According to Oleksiy Kushch, money is being siphoned out of Ukraine not only through shady schemes. Many businessmen also move their honestly earned funds abroad to keep them for themselves, as our country offers absolutely no guarantees for protecting private property. And in the event of a sudden change of power, as happened in early 2014, entrepreneurs risk losing all their earnings. Funds are primarily transferred to offshore jurisdictions in Cyprus, Panama, and Belize.
According to the financier, over the past few years, no significant changes have occurred in Ukraine to prevent the withdrawal of funds.
As a reminder, our country ranked 14th in the global ranking of countries with the largest illicit capital outflows. The US-based organization Global Financial Integrity published a report revealing that an average of $11,7 billion is withdrawn from Ukraine annually. The highest amount of money was withdrawn in 2012—$21 billion.
In topic: Portnov: The President is withdrawing his money from Ukraine.
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