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Ukrainian President signed the Law on the National Agency for the tracing of assets derived from corruption and other crimes

Wednesday, Ukrainian President Petro Poroshenko signed the Law on the establishment of the National Agency for the tracing of assets derived from corruption and other crimes
Ukrainian President signed the Law on the National Agency for the tracing of assets derived from corruption and other crimes

The law provides a mechanism of tracing the assets, which are subject to arrest and their return, states the regulations on the management of the arrested assets, and determines the legal principles of organization and activity of the separate independent body, responsible for conducting such activities, Joinfo.ua reports with the reference to the AP press service.

According to the law, the established National Agency of Ukraine for identifying, tracing and management of assets derived from corruption and other crimes is a compact, highly professional body with broad powers, high guarantees of independence and, at the same time, with plenty of control mechanisms from experts and the public, specifically authorized to identify, search and manage criminal assets.

One of the key principles of the establishment and operation of such a body is to guarantee its independence.

The main tasks of the National Agency, in particular, will be analyzing of the statistical data, research results and other information regarding the identification, tracing and asset management; implementing measures on detection, investigation, valuation of assets, at the request of investigator, prosecutor, court (investigating judge); management of the Unified State Register of assets that are seized in criminal proceedings.

The agency will also participate in the representation of the rights and interests of Ukraine in foreign jurisdictional bodies in matters related to the return of assets derived from corruption and other crimes in Ukraine.

In order to achieve these objectives the National Agency was granted with extensive rights.

Monitoring of the activity of the National Agency will be using the mechanisms of the public council, commission external control (similar to the assessment of the National Anti-Corruption Bureau of Ukraine) and the annual publication of a detailed report on the work of the Agency in the reporting year.

National Agency should be established and begin its work within three months from the date of enactment of this Act.

The need for the agency to return assets is one of the main criteria of Ukraine Action Plan on visa liberalization with the EU.

The adoption by Ukraine of European rules on effective investigation, management of the arrested assets and the confiscation will provide effective cooperation with European criminal justice authorities and returning to Ukraine criminally derived assets.

The law amends the law on the improvement of the regime of special confiscation, including implementation of the EU Directive on 3 April 2014 2014/42 / EU of the seizure and confiscation of the income from a criminal activity in the EU, elimination of contradictions in the Criminal Code of Ukraine regarding the use of special confiscation, the withdrawal of the assets that are the subject of criminal activity or acquired as a result of such activities to Ukraine.

This law was adopted by the Verkhovna Rada of Ukraine on November 10, 2015.