The Verkhovna Rada approved the ban of pyramid schemes

The Verkhovna Rada adopted the bill prohibiting pyramid schemes in Ukraine.

The relevant bill number 2700, which was prepared by the Cabinet of Ministers, was supported by 310 deputies.

As reported, the government approved the bill, which provides for prohibition of pyramid schemes in Ukraine, on March 11, 2013.

"It defines the concept of "pyramid scheme", prohibits the creation thereof, promotion of its activities and distribution of appropriate advertising. Also, the organization or facilitating the activities of financial pyramids will be criminalized" – the Secretariat of the Cabinet of Ministers reported.

According to government officials, the maximum sentence for intentional creation of a pyramid scheme by a group of individuals in a large scale, according to the bill, will be imprisonment for up to eight years with confiscation of property.

Source – Ekonomichna Pravda