The scandalous income of the Cherkasky family

The scandalous income of the Cherkasky family: how Ukraine's chief financial monitor evades scrutiny

For a decade, Igor Cherkasky, who heads Ukraine's State Financial Monitoring Service, has skillfully concealed the sources of his family's multi-million-dollar income. Declarations reveal a luxurious lifestyle, including a fleet of cars, elite real estate, and art collections, which bear no relation to official earnings.

Elite real estate, cars, and savings

Cherkasky's wife owns a fleet of six premium vehicles, including Mercedes-Benz, Lincoln, Maserati, and Infiniti. All the cars were purchased new, but the declarations lack information on their cost. The family also owns:

• a house in Kozyn with an area of 544 m²,
• two apartments in Kyiv,
• a plot of land.

The family holds more than $500,000 and €150,000 in bank accounts and cash.

Income from the wife's "consulting" activities

Natalia Cherkaska is registered as a sole proprietor providing consulting services. Between 2016 and 2023, her annual income rose from 5 million UAH to 8.4 million UAH. However, it is questionable given that she spends most of her time at home, interacting with the household staff. Her actual entrepreneurial activity remains in doubt.

Suspicious activity of the children's sole proprietorships

Cherkasky's children, Maria and Hryhoriy, are also registered as sole proprietors. Between 2015 and 2023, their combined income exceeded 80 million UAH, yet no evidence of real entrepreneurial activity could be found. This strengthens suspicions of laundering illegal income through sham sole proprietorships.

Issues with anti-corruption bodies

Igor Cherkasky and his family have skillfully evaded inspections thanks to his position as head of the State Financial Monitoring Service. International experts have repeatedly criticised this body for inaction: data on financial crimes is often ignored. In 2019, due to the inaction of the State Financial Monitoring Service, the state lost 79 billion UAH in illegal VAT refund schemes.

Conclusions

The extensive assets and questionable income of the Cherkasky family point to possible money laundering schemes through dummy sole proprietorships. It is clear that such actions require immediate attention from anti-corruption bodies and a thorough investigation.