Compliance & Anti-Financial Crime
Leadership | Insight | Network

Compliance News

Ukranian former MP to face jail time after Swiss investigation

By Elizabeth Hearst

The Federal Criminal Court of Switzerland has found former Ukrainian Member of Parliament (MP) Mykola Martynenko guilty of laundering €2.8 million through a Swiss bank. 

Martynenko was sentenced to 28 months in prison, of which 16 months have been suspended. Martynenko was also fined CHF1000 and must pay back nearly CHF3.8 million to Swiss authorities. 

A second unnamed Ukrainian man was sentenced to 24 months in prison, after it was alleged that the pair engaged in money laundering through the setting up of offshore accounts in Panama. They are accused of opening accounts in Switzerland in order to purchase real estate from money obtained illegally in Ukraine. 

The former MP and accomplice will now be tried in front of the Ukranian High Anti-Corruption Court, after an investigation was launched by the National Anti-Corruption Bureau of Ukraine (NABU) and the Specialized Anti-Corruption Prosecutor’s Office (SAPO). 

AML Intelligence
We hope you enjoyed reading this article

If you would like unlimited access to AML Intelligence premium articles, newsletter delivered twice a week, access to our Global Bank Fines and Penalties database, free access to Boardroom Series events and much more, select one of our subscription options and become a subscriber!