The President of Ukraine, Volodymyr Zelensky, has signed Law No. 12374-d, which aims to strengthen the institutional capacity of the National Agency of Ukraine for Detection, Investigation, and Management of Assets Obtained from Corruption and Other Crimes (ARMA), as well as to improve the mechanisms for managing such assets.
This is reported by Business • Media
Main Changes in ARMA’s Operations
The law introduces reform for ARMA, establishing new requirements for the position of the agency’s head, providing for a transparent selection process for the leader with the involvement of international experts, and enhancing control over the transfer of assets. In addition, the document offers modern mechanisms for managing seized or confiscated assets, which is expected to ensure greater transparency and efficiency in the agency’s operations.
Significance of the Reform for EU Funding
It is anticipated that the reform will serve as a basis for Ukraine to receive approximately €600 million in financial assistance from the European Union under the Ukraine Facility program. This law was one of the key criteria for receiving the next tranche of aid.
Earlier, it was reported that the EU planned to reduce the amount of the fourth tranche of financial assistance to Ukraine in 2025 due to the failure to implement three out of the sixteen necessary reforms.
“The European Commission explained that if all reforms were implemented, Ukraine could receive €4.5 billion. However, due to the failure to meet three indicators, the amount of the tranche will be reduced to €3.05 billion. The unimplemented reforms concerned decentralization, the law on ARMA reform, and the selection of judges for the High Anti-Corruption Court.”
Thus, the signing of the law on ARMA reform is an important step towards further attracting international financial support and strengthening the fight against corruption in Ukraine.