NABU has uncovered a scheme to embezzle Western funds involving former State Secretary of the Ministry of Foreign Affairs Bankov
The National Anti-Corruption Bureau and the Specialized Anti-Corruption Prosecutor’s Office have exposed an organized criminal group led by the former State Secretary of the Ministry of Foreign Affairs of Ukraine (2020–2024) At that time, Oleksandr Bankov held that position.
Members of the group are suspected of embezzling and laundering 37 million hryvnias in funds from foreign donors that were allocated to support Ukraine at the start of Russia’s full-scale invasion.
Also implicated in the case are the former chief of staff to the State Secretary of the Ministry of Foreign Affairs, an advisor to the former head of the ministry, along with the head of a controlled nonprofit organization and its accountant. According to the investigation, the official persuaded international funds and diplomats to transfer aid to the accounts of the controlled NGO, even though expert analyses concluded that these funds were designated budget funds from the Ministry of Foreign Affairs’ special fund.
The money was subsequently funneled through front sole proprietorships, legal entities, and money-laundering centers to be converted into cash. To cover up the fraud, the suspects created forged grant agreements and fictitious financial reports, thereby laundering over 37 million hryvnias (approximately 1.28 million U.S. dollars at the time of the crime). A Radio Free Europe/Radio Liberty journalist contacted Oleksandr Bankov, who was State Secretary of the Ministry of Foreign Affairs at the time; he declined to comment on the allegations. He neither confirmed nor denied that he had received them.
Source: Radio Free Europe/Radio Liberty.
Ukraine is drafting a separate criminal code provision addressing the illegal use of European Union funds. This is provided for in the National Anti-Fraud Strategy to protect the financial interests of Ukraine and the EU, which was approved by the Cabinet of Ministers.
The U.S. Department of the Treasury commented on the possibility of aid embezzlement in Ukraine.
