Rada adopts ARMA reform: it paves the way for EUR 600 million from the EU
18 June 16:45
The Verkhovna Rada of Ukraine has supported in the second reading and in general the draft law No. 12374-d, which provides for the reform of the Asset Recovery and Management Agency (ARMA). The decision was supported by 253 MPs, "Komersant Ukrainian" reports.
This was reported by MP Yaroslav Zheleznyak (Holos).
According to the head of the parliamentary anti-corruption committee, Anastasiya Radina, the adoption of the document allows to launch a large-scale reform of the agency, which is part of Ukraine’s obligations to the European Union under the Ukraine Facility program. As a result of the reform, the budget will receive about EUR 600 million in financial assistance.
Key provisions of the law:
- conducting an independent audit of the ARMA;
- a new procedure for selecting the head of the agency with the participation of international experts;
- a transparent mechanism for appointing managers of seized assets;
- strengthening control over the transfer of property.
The law also strengthens the requirements for the Head of ARMA and changes the approach to the management of seized assets to prevent abuse and private interests.
ARMA Head Olena Duma said that only practice will show the effectiveness of the adopted changes:
“Only time and the way these rules work will tell whether this is a defeat or a victory for the legal system.”
