As part of the Asset Recovery and Management Agency reform that began in August 2012, the Cabinet of Ministers of Ukraine approved a bill to amend the Special Law on ARMA.
The bill was approved to expand ARMA’s powers to detect and trace assets obtained through corruption and other crimes. The agency will now have greater access to information sources, which will improve efficiency and enhance mechanisms for tracking illegal assets, as well as strengthen ARMA as an institution in fighting and preventing corruption.
ARMA’s head Dmytro Zharavovich believes that this bill will not only expand the agency’s access to information but also increase data processing capabilities using modern IT tools, strengthen inter-agency and international cooperation mechanisms, and generally improve asset detection and tracing while minimizing human involvement in initial data collection and processing.
The newly introduced changes will enable the actual return of illegal and misappropriated assets to the state in the future.
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