Publication date: 18.05.2024
Legislative initiatives to increase the efficiency of asset management: a new draft law of Ukraine
The Committee of the Verkhovna Rada of Ukraine on Anti-corruption Policy recommended to the People's Deputies to adopt as a basis the government project of the Law of Ukraine "On Amendments to Article 21 of the Law of Ukraine "On the National Agency of Ukraine on Identification, Search and Management of Assets Obtained from Corruption and Other Crimes" regarding raising efficiency of asset management" (reg. No. 11009).
This initiative is aimed at improving the mechanisms for managing assets that were obtained illegally and are under the control of the National Agency of Ukraine for Identification, Search and Asset Management (ARMA). The adoption of this draft law will significantly improve the efficiency of the use of confiscated assets, especially in the conditions of war and economic challenges that Ukraine is facing.
The main provisions of the draft law
The draft law provides for the simplification of the procedure for transferring assets to management in the event of certain circumstances allowing the use of these assets for important state needs. In particular, such circumstances include:
Accommodation of internally displaced persons: This is especially relevant in the context of the ongoing aggression of the Russian Federation, which has forced millions of Ukrainians to leave their homes and seek refuge in other regions of the country.
Providing housing for military personnel and their families: In wartime, providing adequate housing for military personnel and their families is critical to maintaining Army morale and effectiveness.Carrying out the rehabilitation of military personnel: The draft law provides for the use of assets for the rehabilitation of military personnel who have suffered injuries or illnesses during the performance of official duties, as well as war veterans.
Ensuring the readiness of state authorities: Assets can be used to support state authorities in the implementation of measures to protect the sovereignty and defense capabilities of Ukraine, especially during the period of martial law.
Asset transfer procedure
The draft law establishes a clear procedure for the transfer of assets. The Cabinet of Ministers of Ukraine (CMU) must, no later than 5 working days from the date of receipt of relevant information from ARMA, instruct the relevant ministry or other central body of executive power, whose powers include the formation and/or implementation of state policy in the relevant field, to hold consultations regarding the determination by the manager such assets of the relevant enterprise.
After conducting consultations, the relevant ministry or central executive body, in agreement with the ARMA, submits to the CMU a draft decision on the transfer of assets to management in connection with the presence of one of the above-mentioned circumstances.
Advantages of the draft law
Promptness: The simplified procedure allows for a faster response to the urgent needs of the state, especially in times of war and economic crisis.
Effective use of assets: The draft law ensures that assets that were obtained illegally are used for the benefit of society and the state.Supporting Social Programs: Using assets to house internally displaced persons and provide housing to military personnel supports social stability and helps people affected by war.
Rehabilitation of military personnel: Support for veterans and injured military personnel is an important aspect of social policy that promotes their integration into civilian life.
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Final provisions
Draft Law No. 11009 is an important step in the direction of increasing the efficiency of the management of assets obtained from corruption and other crimes. Adoption of this bill will allow faster and more effective use of such assets to support social programs and strengthen the state's defense capabilities. This is especially relevant in the conditions of ongoing aggression and economic challenges that Ukraine is facing.
The application of a simplified procedure for transferring assets to management will contribute to the prompt resolution of urgent issues related to the provision of internally displaced persons, servicemen and veterans. This will significantly increase the efficiency of the use of confiscated assets for the benefit of the state and society, ensuring the implementation of important social programs and maintaining the country's defense capabilities.
