ARMA traces $4 million worth of Ukrainian’s assets hidden abroad
17 May 2024 10:52
The Asset Recovery and Management Agency (ARMA) has traced the assets of a Ukrainian citizen suspected of large-scale embezzlement hidden abroad. These are real estate and money in accounts. This was reported by the head of the ARMA, Olena Duma, "Komersant Ukrainian" reports
The Agency clarified that they had found the hidden assets of the person involved in the criminal proceedings, which may be related to the legalisation of the proceeds of crime. These include real estate located in the United States and accounts in banking institutions. Their total value is more than USD 4 million.
“According to the investigation, the offender embezzled property of a Ukrainian company worth more than UAH 64 million. He transferred the company’s funds to bank accounts of companies with signs of fictitiousness. He disguised his activities under the guise of providing humanitarian aid to Ukrainians affected by the war,”
– duma said.
The data on the assets of the suspects have been sent to the relevant law enforcement agency for further seizure and confiscation.
It should be noted that the State Audit Service of Ukraine is auditing the budget programmes of the National Agency of Ukraine for finding, tracing and management of assets derived from corruption and other crimes (ARMA).
ARMA
The National Agency of Ukraine for Finding, Tracing and Management of Assets Derived from Corruption and Other Crimes (ARMA) is a central executive body with a special status. It searches for assets that may be seized in criminal proceedings and manages assets that have already been seized.
The ARMA is unique in the Ukrainian public administration system in terms of its content, scope of functions and legal status. It was created on the model of asset recovery and management institutions that successfully operate in EU member states.
In January-February 2024, ARMA transferred UAH 114.5 million to the state budget, which is more than in the whole of 2023. In 2023, the state budget revenues totalled UAH 101.3 million, and in 2022 – UAH 34.8 million. ARMA currently manages over UAH 6 billion in funds. This is also the highest figure for the entire period of ARMA’s operation.
