Volume 13 - Issue 76
/ April 2024
75
https://amazoniainvestiga.info/ ISSN 2322- 6307
This article is licensed under the Creative Commons Attribution 4.0 International License (CC BY 4.0). Reproduction,
distribution, and public communication of the work, as well as the creation of derivative works, are permitted provided that the
original source is cited.
DOI: https://doi.org/10.34069/AI/2024.76.04.6
How to Cite:
Vazhynskyi, V., Pohoretskyi, M., Toporetska, Z., Cherniak, A., & Serhieieva, D. (2024). Operative and search counteraction to
crimes committed in the sphere of activity of institutional investors in Ukraine. Amazonia Investiga, 13(76), 75-82.
https://doi.org/10.34069/AI/2024.76.04.6
Operative and search counteraction to crimes committed in the sphere
of activity of institutional investors in Ukraine
Оперативно-розшукова протидія злочинам, що вчиняються у сфері діяльності інституційних
інвесторів в Україні
Received: February 20, 2024 Accepted: April 15, 2024
Written by:
Volodymyr Vazhynskyi1
https://orcid.org/0000-0003-4081-2954
Mykola Pohoretskyi2
https://orcid.org/0000-0003-0936-0929
Zoriana Toporetska3
https://orcid.org/0000-0002-2441-4852
Andrii Cherniak4
https://orcid.org/0000-0002-4958-783X
Diana Serhieieva5
https://orcid.org/0000-0003-1005-7046
Abstract
The purpose of this study is to analyze the
methods, means and possibilities of operative
and search counteraction to crimes committed in
the sphere of activity of institutional investors.
To achieve this goal, it is necessary to solve the
following tasks: analyze the dynamics of crime
in the sphere of activity of institutional investors;
to characterize the concept and structure of
operative and investigative countermeasures
against crimes; determine the content of
operative and investigative prevention, detection,
and documentation of crimes in the field of
activity of institutional investors. As a result of
the research, it was possible to establish that in
the structure of operational and investigative
countermeasures against crimes in the field of
activity of institutional investors, we distinguish
1
Candidate of Science in Law (PhD), Associate Professor, Associate Professor of the Department of Law, Open International
University of Human Development «Ukraine», Kyiv, Ukraine. WoS Researcher ID: JDN-0565-2023
2
Doctor in Law, Professor, Vice-rector for scientific and pedagogical work, Taras Shevchenko National University of Kyiv, Kyiv,
Ukraine. WoS Researcher ID: AAC-1018-2020
3
Doctor in Law, Associate Professor, leading researcher of scientific laboratory No. 1 of the scientific and organizational center of
the National Academy of the Security Service of Ukraine, Kyiv, Ukraine. WoS Researcher ID: GHU-8757-2022
4
Doctor in Law, Professor, Rector of the National Academy of the Security Service of Ukraine, Kyiv, Ukraine. WoS Researcher
ID: KOC-5602-2024
5
Doctor in Law, Professor, Professor of Criminal Procedure and Forensic Department in Educational and Research Institute of Law
Taras Shevchenko National University of Kyiv, Kyiv, Ukraine. WoS Researcher ID: ISB-2999-2023
76
https://amazoniainvestiga.info/ ISSN 2322- 6307
This article is licensed under the Creative Commons Attribution 4.0 International License (CC BY 4.0). Reproduction,
distribution, and public communication of the work, as well as the creation of derivative works, are permitted provided that
the original source is cited.
prevention, detection, and documentation of
criminal offenses.
Keywords: investment activity, institutional
investor, operational and investigative
countermeasures, crime prevention.
JEL Classification: E22, E44, G24, K14, K23,
К42.
Introduction
The activity of institutional investors is one of the
risky types of economic activity, as it involves
the management and disposal of other people's
funds of citizen-depositors. A responsible
investor always puts the public interests of all
investors above the private interests of
individuals (Toporetska, & Vazhynskyi, 2023).
But in the case of conflicts between the interests
of the institutional investor (his officials) and the
interests of the depositor, if the institutional
investor puts his private (business, selfish)
interest or the interest of individual officials
above the public interest (Vazhynskyi, 2023), it
thus encroaches on public values and interests.
Such encroachment is manifested in the
preparation or commission of criminal offenses.
Such actions also encroach on the economic
security of the state and the public's trust in the
state. After all, the economic sphere permeates
all spheres of public administration, and other
spheres of national security depend on its level
(Vazhynskyi et al., 2023).
The activity of institutional investors is a
complex mechanism, intervention in which leads
to destabilization of the activity of not only an
individual institutional investor, but also its
counterparties, affects the economic well-being
of individual investors and, in general, public
trust in the financial system of the state.
The question of the economic security of the state
in terms of the activities of institutional investors
has not been considered in Ukraine until now. At
the same time, considering the involvement of a
significant number of citizen-investors and the
risk of public resonance, such criminal offenses
are characterized by high latency, and therefore
it is extremely difficult to detect and stop them
by public methods. All these criminal offenses
are very diverse, and therefore effective
operational and investigative countermeasures
are an important issue for effective
countermeasures.
The purpose of this study is to analyze the
methods, means and possibilities of operative
and investigative counteraction to crimes
committed in the sphere of activity of
institutional investors. To achieve this goal, it is
necessary to solve the following tasks: analyze
the dynamics of crime in the sphere of activity of
institutional investors; to characterize the
concept and structure of operative and
investigative countermeasures against crimes;
determine the content of operative and
investigative prevention, detection, and
documentation of crimes in the field of activity
of institutional investors.
Theoretical Framework
Several works by the authors of this article,
which became the basis for the preparation of this
article, are devoted to the issue of operational and
investigative countermeasures to crimes in the
economic sphere in Ukraine. In particular, the
work is based on the system of operative and
investigative counteraction to criminal offenses,
which was proposed by A.M. Cherniak and
M. L. Hribov and includes measures to prevent,
detect and respond to crimes (Hribov, Cherniak,
2018). Proposals regarding specific operative
and investigative measures within the scope of
OSA, which allow to prevent, detect and
document criminal offenses in the field of
activity of institutional investors, are based on
the fundamental work of Prof. M. A. Pohoretskyi
regarding the functional purpose of OSA
(Pohoretskyi, 2007), as well as taking into
account the already developed proposals of
M. Pohoretskyi, A. Cherniak, D. Serhieieva,
R. Chernysh, & Z. Toporetska regarding
cybercrime investigations (Pohoretskyi et al.,
2022), financial fraud investigations
(Pohoretskyi et al., 2019). Several works helped
to establish the peculiarities of the ways of
committing a criminal offense in the field of
activity of institutional investors, which are
important objects of search from the point of
view of the implementation of OSA. In addition,
the works of such Ukrainian scientists as
V.I. Vasylynchuk, M.L. Hribov, O.M. Dzhuzha,
I.O. Krepakov, D.Y. Nikyforchuk,
Vazhynskyi, V., Pohoretskyi, M., Toporetska, Z., Cherniak, A., Serhieieva, D. / Volume 13 - Issue 76: 75-82 / April, 2024
Volume 13 - Issue 76
/ April 2024
77
https://amazoniainvestiga.info/ ISSN 2322- 6307
This article is licensed under the Creative Commons Attribution 4.0 International License (CC BY 4.0). Reproduction,
distribution, and public communication of the work, as well as the creation of derivative works, are permitted provided that the
original source is cited.
I.G. Proskurnyak, V.D. Pcholkin, V.V. Cherny
and others.
Methodology
The methodological basis of the study was made
up of general scientific methods of cognition: the
dialectical method of cognition of the
phenomena of the surrounding reality and the
comparative-legal method for establishing the
mechanism of activity of the institutional
investor and the mechanisms of criminal activity
in the sphere of activity of institutional investors,
methods of logic (analysis, synthesis, induction,
deduction, analogy), economic analysis, absolute
and comparative advantages and statistical
methods for analyzing the dynamics of crime in
a certain area, analyzing methods of criminal
activity and providing proposals. In accordance
with the system-structural approach, an
assessment of the possibilities of operative and
investigative activity, means and methods of
countering this category of criminal offenses was
carried out.
The dialectical method of cognition of the
phenomena was used to learn the mechanism of
criminal activity that takes place in the field of
institutional investors, to build operational and
investigative characteristics of this category of
criminal offenses and to identify objects that are
of operational interest for the purposes of OSA.
The comparative legal method was used to study
the legal basis of the activities of institutional
investors to demystify the methods of legal
activity and the methods of illegal activity. The
methods of logic (generalization, induction,
deduction, analysis, synthesis) were used during
the generalization of the practice of making
OSAs, determining the effectiveness of specific
methods and measures, and formulating specific
proposals for operative and investigative
counteraction to this category of offenses. The
system-structural method made it possible to
formulate specific proposals for a comprehensive
system of operational and investigative
countermeasures against crimes committed in the
sphere of activity of institutional investors.
Results and Discussion
Dynamics of crime in the sphere of activity of
institutional investors
According to the results of the Global Economic
Crime and Fraud Survey, 47% of organizations
in the world have been affected by fraud in the
last two years. According to the results of the
study, 51% of Ukrainian organizations suffered
from fraud in the last two years. This figure is
higher than the global average (47%) and
increased from 48% in 2018. In Ukraine, the
leaders among the economic crimes that have
affected organizations are misappropriation of
property (47%), as well as bribery and corruption
(47%), customer fraud (31%), cybercrime (31%)
and fraud shared the second place in the field of
procurement (31%) (Economic Truth, 2020).
Frauds with financial resources, which are often
committed in the sphere of activity of
institutional investors, are the most dangerous, as
they significantly undermine the confidence of
investors in such institutional investors and in the
sphere of investing in general (Pohoretskyi et al.,
2019). In the criminal legislation of most EU
countries, the following types of financial fraud
are distinguished: insurance - fraud committed in
order to obtain the insurance amount; banking -
fraud aimed at illegally obtaining bank loans,
other loans or property preferences; criminal
bankruptcy - fraud involving the creation of signs
of insolvency or illegal actions in the event of
enterprise liquidation; tax - cheating the state and
its bodies, which consists in illegally reducing
the amount of taxes payable or refunding VAT
under export schemes; stock - fraudulent actions
on the securities market and in stock exchange
trading (Proskurnyak, 2016; Cherniei, 2014).
We suggest that criminal offenses in the sphere
of the institutional investor's activities be divided
into criminal offenses committed by other
persons and directed against the institutional
investor (external: clients, agents, other related
business entities, who may or may not be in
collusion with the employees of the institutional
investor ) and internal criminal offenses
committed by employees of the institutional
investor.
External criminal offenses usually involve the
commission of various types of fraud (Article
190 of the Criminal Code of Ukraine) and
forgery of documents (Article 258 of the
Criminal Code of Ukraine). Internal criminal
offenses can be committed by employees or with
the participation of employees of an institutional
investor and include: fraud (Article 190 of the
Criminal Code of Ukraine), seizure of property
(Article 191 of the Criminal Code of Ukraine),
legalization of property obtained through
criminal means (Article 209 of the Criminal
Code of Ukraine) and are aimed at direct
acquisition of the institutional investor's funds,
which are accounted for in the investor's
accounts.
78
https://amazoniainvestiga.info/ ISSN 2322- 6307
This article is licensed under the Creative Commons Attribution 4.0 International License (CC BY 4.0). Reproduction,
distribution, and public communication of the work, as well as the creation of derivative works, are permitted provided that
the original source is cited.
A separate group of offenses consists of criminal
offenses committed by officials of the
institutional investor and destabilizing the entire
economic activity of the institutional investor.
These are: fraud with financial resources (Article
222 of the Criminal Code of Ukraine), Forgery of
documents submitted for state registration of a
legal entity and individual entrepreneurs (Article
205-1 of the Criminal Code of Ukraine),
Bringing a bank to insolvency (Article 218-1
Criminal Code of Ukraine), Bringing to
bankruptcy (Article 219 of the Criminal Code of
Ukraine), Violation of the procedure for
maintaining a database of depositors or the
procedure for forming reports (Article 220-1 of
the Criminal Code of Ukraine), Falsification of
financial documents and reports of a financial
organization, concealing the insolvency of a
financial institution or grounds for revocation
(cancellation) of the license of a financial
institution (Article 220-2 of the Criminal Code of
Ukraine), Manipulation in organized markets
(Article 222-1 of the Criminal Code of Ukraine),
Forgery of documents submitted for registration
of the issue of securities (Article 223-1 of the
Criminal Code of Ukraine ), Production, sale and
use of counterfeit securities (except state
securities) (Article 224 of the Criminal Code of
Ukraine), Concealment of information about the
activity of the issuer (Article 232-2 of the
Criminal Code of Ukraine) (Law No 2341-III,
2001). Such actions are often accompanied by
official crimes, such as official forgery, official
abuse, receiving or transferring illegal benefits.
Frauds committed by institutional investors are
also widespread, which are divided into frauds
during the attraction of funds and frauds during
the investment of funds. Frauds during the
attraction of funds are committed with the aim of
seizing the funds of citizen-investors without the
intention of investing them, usually this is the
creation of so-called financial pyramids.
Investment fraud is committed in a variety of
ways, but is usually combined with the business
crimes we mentioned above. Usually, investment
scams end in permanent insolvency or
bankruptcy of the institutional investor. In this
case, an important source of information will be
all the documents drawn up during the
implementation of the economic activity of the
institutional investor. It is the documents that will
make it possible to identify "weaknesses" in the
activities of an institutional investor and to
identify subjects of operational interest.
The concept and structure of operative and
search countermeasures against crimes
We share the position of M. L. Hrybov and
A. M. Chernyak, who propose to include crime
prevention, crime detection, and crime response
units in the crime prevention system (Hribov &
Cherniak, 2018).
The operational-investigative characteristics of
the crime are the starting point for the formation
of a system of operational-investigative response
to a certain group of criminal offenses. Giving
the operational and investigative characteristics
of this category of criminal offenses, we
suggested including the following elements in it:
an object of operational interest; subject of
operational interest and conduct or event of
operational interest. All these objects are
important for various forms of implementation of
OSA. We believe that the object of operational
interest - the entire activity of an institutional
investor - is important primarily for the
prevention of criminal offenses in the field of
activity of institutional investors, including for
operational investigative prevention. The subject
of operational interest comes to the fore during
operational development, while the central object
of an operational search is the conduct or event
of operational interest, because it is this that is
important for the detection of criminal offences.
Operative and search prevention of crimes in
the sphere of activity of institutional investors
We propose to highlight the following areas of
prevention of criminal offenses in the field of
activity of institutional investors:
a) identification of the reasons for committing
criminal offenses in the field of activity of
institutional investors and conditions that
contribute to their commission, implementation
of measures to eliminate or neutralize them;
b) identification of persons who can be expected
to commit criminal offenses in the field of
activity of institutional investors, application of
measures to prevent them from committing
offenses; c) prevention of specific criminal
offenses committed in the sphere of activity of
institutional investors at the stage of preparation
or attempt to commit them.
Thus, we propose to consider the prevention of
criminal offenses by operational investigative
units as a type of individual operational
prevention, which consists in identifying the
causes and conditions that contribute to the
commission of certain criminal offenses, and
their elimination or neutralization, preventing the
Volume 13 - Issue 76
/ April 2024
79
https://amazoniainvestiga.info/ ISSN 2322- 6307
This article is licensed under the Creative Commons Attribution 4.0 International License (CC BY 4.0). Reproduction,
distribution, and public communication of the work, as well as the creation of derivative works, are permitted provided that the
original source is cited.
criminal activity of certain persons
(identification of persons, who are trying to
commit a criminal offense, and the
implementation of certain measures against them
with the aim of preventing the implementation of
their ideas, plans, preventing the transition from
intention and planning to the stage of preparation
for the commission of a criminal offense), as well
as stopping the commission of criminal offenses
(and the stage of preparation or attempt) with the
use of opportunities, forces and means of
operative and investigative activities is usually
done secretly.
Prevention of criminal offenses by operational
and investigative units, which involves
operational work to prevent the commission of a
criminal offense by a specific person (at the stage
of the emergence of the intention to commit a
crime and planning its commission), that is, the
prevention of the transition of a person from the
process of forming the intention to commit a
certain criminal offense to the realization of a
criminal intent (commitment preparatory actions
for its commission, attempt or commission of a
criminal offense) and always has its object of
influence.
Operational investigative detection and
documentation of crimes in the sphere of
activity of institutional investors
Information about persons and facts of
operational interest, as a rule, is the property of a
limited circle of persons who are interested in
hiding this information and for this purpose use
various methods of masking. Therefore, the
intensity of receiving primary information
depends on the correct implementation of a
number of organizational and tactical measures
related to the determination of the direction of the
operational search, the provision of this area of
work with the necessary forces and means, the
organization of clear interaction of various police
services in the performance of this task.
Operational workers do not have specific,
predetermined information about the object of
operational search. The process of detecting
crimes and the persons who prepare or commit
them is based on the knowledge of the event of
the crime by isolating from the environment the
changes that occurred in connection with its
preparation or implementation. These changes
can be detected by traces left on elements of the
environment, such as documents, objects, as well
as persons in whose consciousness information
about the crime event is stored.
Factual data about a committed criminal offense
in the field of activity of an institutional investor
is obtained by the subjects of the OSA during an
operational search, which is one of the main
forms of the implementation of the OSA, the
essence of which is to identify persons and facts
that are of operational interest to the subjects of
the implementation of the OSA (Pohoretskyi,
2009).
So, if a criminal event and the traces formed by
it are objective categories that do not depend on
their knowledge, then actual data (information
about them) is a subjective category, since these
data (information, data about a criminal offense)
are perceived by a specific person (subject). The
same thing happens in operational and
investigative activities, where the perception of
data about a criminal offense is carried out by the
relevant subjects of the OSA. Therefore, the
perception by any person (subject) of objective
circumstances (factual data about a criminal
offense) is always subjective (Pohoretskyi,
2008).
Therefore, employees of operational divisions
must: have knowledge of the provisions of
regulatory acts that regulate the implementation
of financial activities, investment activities,
banking, insurance activities, etc.; to have an idea
of the goals and tasks of an operational search in
the specified field; have knowledge about objects
of operational search.
To identify such facts, it is very important for
operational units to cooperate with the State
Financial Monitoring Service of Ukraine and
obtain factual data from it that may indicate the
illegal activities of certain individuals or criminal
organizations. For example, according to the data
of the State Financial Monitoring, for 9 months
of 2023, the State Financial Monitoring sent 870
materials (477 generalized materials and 393
additional generalized materials) to law
enforcement agencies, in particular to: Security
Service of Ukraine – 264 materials (146
generalized materials and 118 additional
generalized materials); National Police of
Ukraine – 228 materials (174 generalized
materials and 54 additional generalized
materials); National Anti-Corruption Bureau of
Ukraine – 131 materials (37 generalized
materials and 94 additional generalized
materials); Bureau of Economic Security of
Ukraine – 99 materials (61 generalized materials
and 38 additional generalized materials);
prosecutor's office – 68 materials (18 generalized
materials and 50 additional generalized
materials); State Bureau of Investigation – 80
80
https://amazoniainvestiga.info/ ISSN 2322- 6307
This article is licensed under the Creative Commons Attribution 4.0 International License (CC BY 4.0). Reproduction,
distribution, and public communication of the work, as well as the creation of derivative works, are permitted provided that
the original source is cited.
materials (41 generalized materials and 39
additional generalized materials). In the specified
materials, the amount of financial transactions
that may be related to the legalization of funds
and the commission of a criminal offense
amounts to 85.3 billion hryvnias (Public Service
Financial Monitoring Of Ukraine, 2023).
The materials of the State Financial Monitoring
Service usually do not become a reason for the
registration of criminal proceedings, because
such materials are not a notification about the
commission of a criminal offense but are
information about possible illegal activity. In
accordance with paragraph 4 of the first part of
Article 6 of the Law of Ukraine "On operational
and investigative activities", the basis for
conducting an OSA is the availability of
generalized materials of the central executive
body that implements state policy in the field of
prevention and countermeasures against the
legalization (laundering) of proceeds obtained
through criminal means, or financing of
terrorism, received in accordance with the
procedure established by law.
The objects of operational search (sources of
factual data) are persons and objects containing
certain traces. The object of an operational search
among individuals is persons (who think that
they are preparing and have committed a crime
or are involved in it; who commit illegal actions;
who have information that is important for
fighting crime; able to systematically provide
assistance in fighting crime). Here we can
include the management and employees
(including former) of the institutional investor,
the management and employees of the
counterparties of the institutional investor, the
communication circle of certain managers and
employees who are of operational interest;
individual citizens-investors, persons who have a
certain risk of illegal behavior, because they were
held to certain types of responsibility for
committing offenses in the field of investment
activity (financial, disciplinary, administrative,
criminal).
As for the subjects that are the objects of an
operational search, this includes primarily
documents that reflect the course of the
institutional investor's economic activity,
including electronic documents (primary
documents, reporting, accounting, financial
documents, including payment, financial
business contracts), as well as information
carriers on which these documents are stored,
unofficial documents (notes, notebooks),
personal belongings of persons of operational
interest; funds, securities, other valuables or
other property that were obtained as a result of
illegal activity.
Traces of operational interest include directly the
traces of a person of operational interest and
traces of his illegal activities (usually these are
electronic traces that remain in the banking
system or in the electronic system of an
institutional investor), traces on documents
(traces of material and intellectual forgery of
documents).
The next stage of an operational search is to
recognize the signs of a crime. Comparison of
detected search objects with search features of
objects of operational interest. This stage of
operational search is always subjective in nature
because it depends on the operational worker
who perceives the search objects found because
of operational search.
The analysis of the received information involves
searching the found objects for signs of a
criminal offense in the field of activity of the
institutional investor. Here, first, a search is made
for factual data that may indicate the commission
of a criminal offense, in particular, the following
are studied:
− features of tools for attracting assets from
individual investors for the purpose of
detecting suspicious transactions: the
promise of unreasonably inflated income
from investments, the attraction of
supposedly satisfied investors to the
advertising of an institutional investor,
demonstrative advertising raffles and
various incentives for investing funds, a very
limited time for making an investment
decision "tomorrow % will be much lower,
you can invest money only today" etc.;
− studying the peculiarities of investing the
funds involved: studying the areas of
investment and business reputation and the
peculiarities of cooperation with
counterparties, studying the reality of
operations (detecting signs of fictitious
withdrawal operations under the guise of
investing in companies with a dubious
reputation or related companies), studying
the criteria for selecting counterparties in
order to identify atypical counterparties and
suspicious transactions; studying the
experience of previous deals with
counterparties. Search signs can be the
inconsistency of the business activity of the
counterparty with the publicly stated
investment goals, the fictitiousness of the
Volume 13 - Issue 76
/ April 2024
81
https://amazoniainvestiga.info/ ISSN 2322- 6307
This article is licensed under the Creative Commons Attribution 4.0 International License (CC BY 4.0). Reproduction,
distribution, and public communication of the work, as well as the creation of derivative works, are permitted provided that the
original source is cited.
counterparty’s activity, the newly created
counterparty and the lack of information
about its business reputation, the
counterparty’s financial problems, the delay
in the implementation of investment projects
that were started earlier, the lack of clear
information about the purpose of the
investment, expected profit and guarantees
of fulfillment of obligations, the presence in
business documentation of objections of
officials regarding the allocation of funds
within the limits of a certain contract, the
conclusion of contracts with only one
counterparty; overestimated cost of certain
works or services;
− study of data and documents of financial and
economic activity: accounting, financial
(including bank payment documents);
documents on the placement of securities,
documents on investment in certain projects,
documents that would indicate the
inappropriate spending of investors' funds
(overpriced advertising, unreasonable costs
for providing consulting assistance in a
certain area, purchase of goods or services
that are not typical for the activities of an
institutional investor, etc.) . Search signs can
include frequent current repairs, unjustified
capital repairs, purchase of expensive
equipment or computer equipment,
detection of inconsistencies between
financial and primary documents, detection
of signs of non-marketability of financial
transactions, tax fraud ("optimization" of tax
obligations), the presence of dubious
payment documents that did not meet the
general purpose of the activity,
inconsistency between the content and form
of individual documents, signs of material or
ideal (intellectual) forgery of documents;
− analyzes materials of audits by supervisory
bodies, materials of the State Financial
Monitoring of Payments, information on the
implementation of supervisory activities in
relation to institutional investors in order to
identify gaps and "weak" places in security
or in other sectors of the institutional
investor's activity;
− reveals unprofessional connections of
certain employees of the institutional
investor with counterparties, employees of
regulatory bodies, etc.;
− reveals the "risky behavior" of certain
persons (employees of the institutional
investor or its "suspicious" counterparties):
negligent performance of official duties,
taking possession of the institutional
investor's funds, communication with a
certain criminal environment, the presence
of significant debts or other problems
(alcoholism, drug addiction, gambling
addiction), which negatively affect the
conscientious performance of official duties
by them; an unmotivated payment of a bonus
or a significant difference in the salary of
certain employees may indicate the loyal
attitude of the institutional investor's
management to certain persons and their
connection with illegal activities, the
imposition of disciplinary sanctions on
certain employees.
Examining documents regarding abuses by
officials of an institutional investor must be done
with the utmost care (encrypted or through
cooperation with trusted employees of the
institutional investor) so that the officials do not
learn about the audit and do not destroy evidence
against themselves, do not bias potential
witnesses to false testimony.
The information discovered during the
operational search must be properly documented.
Documentation forms the basis of proof. During
the proof, documentation performs the function
of recording information in procedural
documents, which are then used in proof in
criminal proceedings. Documentation in the
OSA is not only intended for recording the
information obtained because of the
implementation of the OSA. It provides for the
process of collecting documented information
regulated by departmental regulations, its
verification, assessment and use in solving the
tasks of the OSA, and in criminal proceedings -
in accordance with the procedure established by
the Code of Criminal Procedure.
Conclusions
The activity of institutional investors is a
significant part of the state's economy, and
therefore illegal encroachments on their activity
harm, including, the economic security of the
state, as they undermine citizens' trust in
financial instruments and the state's ability to
protect the public interest.
Crimes in the sphere of activity of institutional
investors are of a very high latent nature,
therefore, it is precisely the operative and
investigative countermeasures against this
category of criminal offenses that are effective.
In the structure of operational and investigative
countermeasures against crimes in the field of
activity of institutional investors, we distinguish
prevention, detection, and documentation of
criminal offenses. In the article, the authors
82
https://amazoniainvestiga.info/ ISSN 2322- 6307
This article is licensed under the Creative Commons Attribution 4.0 International License (CC BY 4.0). Reproduction,
distribution, and public communication of the work, as well as the creation of derivative works, are permitted provided that
the original source is cited.
analyzed the methods, means, and capabilities of
operational units in each of the directions of
countermeasures.
Bibliographic References
Cherniei, V. V. (2014). Theoretical and practical
principles of crime prevention in the sphere
of activity of non-banking financial
institutions in Ukraine (diss. ... Doctor of
Law. Sciences), Kyiv, 523 p.
Economic Truth (2020). Economic crimes and
fraud: experience of Ukrainian
organizations.
https://www.epravda.com.ua/columns/2020/
12/17/669308/
Hribov, M.L., & Cherniak, A.M. (2018).
Combating crime by operational units of law
enforcement agencies: concepts and content.
Scientific Bulletin of the National Academy of
Internal Affairs, 4(109), 37-51. Retrieved
from https://acortar.link/iEcw1S
Law No. 2341-III. Criminal Code of Ukraine.
Information of the Verkhovna Rada of
Ukraine, No. 25-26, 2001. Retrieved from
https://zakon.rada.gov.ua/laws/show/2341-
14#Text
Pohoretskyi, M. A. (2009). Operational search in
the context of criminal justice reform. Ways
of developing operational-search activity in
modern conditions: scientific and practical
materials. conf. based on Khark. national
internal university affairs (Kyiv, November
28 2009) Ministry of Internal Affairs of
Ukraine; Hark. national University of
Internal Affairs matters; Education and
science Institute of Training of Criminal
Police Specialists. H.: KhNUVS, 7-10. (In
Ukrainian).
Pohoretskyi, M. A. (2008). Perception of the
circumstances of a crime by persons
conducting a criminal trial. Philosophical,
methodological and psychological problems
of law: theses addendum. science and
practice conf. (Kyiv, January 26, 2008).
Editors: E. D. Moiseev, O. M. Dzhuzha, M.
V. Kostytskyi, and others. K.: KNUVS. PP.
140–143. (In Ukrainian).
Pohoretskyi, M. (2007). Functional purpose of
operational and investigative activities in
criminalproceedings. Monograph. Arsis,
LTD, pp. 505. (In Ukranian).
Pohoretskyi, M., Cherniak, A., Serhieieva, D.,
Chernysh, R., & Toporetska, Z. (2022).
Detection and proof of cybercrime. Amazonia
Investiga, 11(53), 259-269.
https://doi.org/10.34069/AI/2022.53.05.26
Pohoretskyi, M., Serhieieva, D., &
Toporetska, Z. (2019). The proof of the event
of a financial resources fraud in the banking
sector: problematic issues. Financial and
Credit Activity: Problems of Theory and
Practice, 1(28), 36-45. Retrieved from
https://doi.org/10.18371/fcaptp.v1i28.16369
2
Proskurnyak, I. H. (2016). Prevention of fraud in
the sphere of investment activity: foreign
experience. Bulletin of the National Academy
of Internal Affairs, 1(98), 92-107. Retrieved
from https://acortar.link/q0QhPQ
Public Service Financial Monitoring Of Ukraine
(2023). Information on the results of the State
Financial Monitoring Service for 9 months of
2023. Retrieved from
https://acortar.link/FvRUfl
Toporetska, Z. M., & Vazhynskyi, V. M. (2023).
Regarding the understanding of the concept
of "responsible business conduct" and its
importance for the protection of public
interests in administrative law. International
scientific conference “Development trends in
legal science and education of Ukraine in the
context of European integration”: conference
proceedings (November 1–2, 2023.
Częstochowa, the Republic of Poland). Riga,
Latvia: “Baltija Publishing”. PP. 156-
159. Retrieved from
https://doi.org/10.30525/978-9934-26-372-
9-40
Vazhynskyi, V., Pohoretskyi, M., &
Toporetska, Z. (2023). Assessment of Key
Markets for Institutional Investors in Ukraine
in the Context of War. Baltic Journal of
Economic Studies, 9(4), 44-49. Retrieved
from https://doi.org/10.30525/2256-
0742/2023-9-4-44-49
Vazhynskyi, V. M. (2023). Social values in
administrative law. Current issues of legal
science in the research of young scientists: a
collection of materials of the All-Ukrainian
scientific and practical conference for the
Day of Science and the 30th anniversary of
the National Academy of Legal Sciences of
Ukraine (Kyiv, May 18, 2023). Odesa:
Publishing House " Jurisprudence ", 567-570.
Retrieved from https://acortar.link/p9lDz9
Verbivska, L., Abramova, M., Gudz, M.,
Lyfar, V., & Khіlukhа О. (2023).
Digitalization of the Ukrainian economy
during a state of war is a necessity of the time.
Amazonia Investiga, 12(68), 184-194.
https://doi.org/10.34069/AI/2023.68.08.17