Envoys from G7 countries expressed their support and welcomed the adoption of an important law on reforming the National Agency of Ukraine for Asset Recovery, Search, and Management (ARMA) of assets obtained as a result of corruption and other crimes
This is a significant step towards strengthening our country's anti-corruption institutions and enhancing the effectiveness of the fight against corrupt activities. According to information disseminated by G7 diplomatic missions in comments on the X platform (formerly Twitter) and in the "European Truth" article, the ambassadors separately emphasized that the implementation of the adopted law is "the key to creating an independent asset management system, which will contribute not only to strengthening the fight against corruption but also to ensuring an influx of additional financial resources into the state budget." In their statements, they noted that carrying out the ARMA reform will significantly reinforce Ukraine's efforts within the framework of Euro-Atlantic integration and bring the country closer to European Union standards. The Verkhovna Rada of Ukraine unanimously approved on Wednesday a bill that includes substantial changes to the agency's asset management procedures. Under the new legislation, stricter requirements are established for ARMA's head, and the process of selecting the chief will involve international experts to ensure objectivity and transparency. Moreover, the document provides for the introduction of mechanisms to control the process of transferring assets to the state and establishes a clear and open procedure for managing assets held by the agency. This law was introduced to parliament back in February this year and passed its first reading on February 12. The government previously emphasized the importance of quickly adopting this document, noting that it is a necessary prerequisite for Ukraine's compliance with EU requirements. Preparations for its adoption were among the key conditions for receiving international financial support. According to the plans of Ukrainian authorities, passing the law on ARMA reform is part of the strategic Ukraine Facility plan aimed at strengthening institutional capacity and ensuring the rule of law in the field of returning and managing assets obtained from criminal activities. It is important to highlight that the adoption of this law was one of the main conditions for unlocking €600 million in financial assistance to Ukraine from the European Union. During discussions and negotiations regarding future cooperation with the EU, experts and analysts mention several key issues and obstacles still on the agenda, including the prospects and genuine independence and effectiveness of ARMA, as well as questions concerning the oversight of the asset management process by foreign experts and international institutions. Therefore, passing this law is not only a symbolic step but also an important signal of progress towards real reform and greater transparency in the recovery of assets obtained through criminal activity. Overall, this step marks an important victory and demonstrates the willingness of Ukrainian authorities to follow a path of European integration, aligning their internal and external reforms with high international standards. At the same time, much work remains to implement the law in practice, and attention from society and international partners is focused on its further implementation and the assessment of the new asset management system’s effectiveness.