On July 14, the MPs decided to listen to the voice of reason and adopted in the second reading and in general draft law No. 5141 with extremely important amendments to it. 322 MPs voted in favor.

We in TI Ukraine have repeatedly talked about this draft law. Moreover, the version of the document that the MPs adopted in the first reading could potentially block the activity of the Agency in managing certain seized assets and turn the agency into a“storage room” for seized property.

However, during the consideration of the draft law before the second reading, these dangers were “neutralized,” and a revised and much more useful document for Ukraine was submitted for voting in the Hall.

So, from now on:

  • ARMA will be able to sell movable seized property that meets one or more of the following criteria: assets that quickly lose their value, property that is prone to rapid damage, movable property that cost more than 50% of its value to manage in one calendar year.
  • It is the court that will have the right in its decision to transfer the ARMA assets for management to determine the method of management — sale or management. Moreover, assets can be returned to the owner if the arrest is lifted from them and such a decision is available in the Register of Court Decisions.
  • The threshold for the value of assets transferred to the ARMA is not raised and will remain at the level of 200 subsistence minimums for able-bodied persons. The MPs also brought the ARMA law on this issue into accordance with the corresponding provision of the current Criminal Procedural Code.

Of course, the adopted law is not the end, but rather another step towards improving the management of seized assets. Thus, MPs will still need to coordinate new norms with the current Criminal Procedural Code, settle planning issues before transferring assets for management, and finally launch a call for the position of ARMA head.