President of Ukraine Volodymyr Zelensky has signed the law on amending certain legislative acts of Ukraine regarding the confiscation of illegal assets of persons authorized to perform the functions of a state or local government, and the punishment for acquiring such assets,” which was adopted by the Verkhovna Rada on October 31.
According to the presidential press service, the law is designed to reinstate criminal liability for illicit enrichment, as well as introduce the institution of recovery of government officials’ unlawful assets in favor for the state.
The document extends the Criminal Code of Ukraine with a new Article 368-5 “illegal enrichment”, which determines that a person authorized to perform the functions of the state or local government who acquires assets that are higher than his or her income by more than 6,500 non-taxable minimum incomes shall be imprisoned for a term from 5 to 10 years with the deprivation of the right to occupy certain positions or engage in certain activities for a period of up to three years.
Assets here meant cash (funds held in bank accounts or deposited with banks or other financial institutions), other property, property rights, intangible assets, in particular, cryptocurrency, the amount of decrease in financial obligations, as well as work or services provided to a person authorized to perform the functions of a state or local government.
Also, amendments were introduced to the Civil Procedure Code of Ukraine, according to which, the Supreme Anti-Corruption Court considers cases on the recognition of assets as unfounded and their recovery in favor for the state. This will guarantee a fair review.
At the same time, the World Bank welcomes the signing of the law on the reinstating of criminal liability for illicit enrichment.
“The World Bank welcomes the law, which fills a critical gaps in the basic principles of the fight against corruption in Ukraine by giving NABU and SAPO a strong legal instrument for tackling corruption by high-ranking public officials. Civil confiscation will help deter corruption by limiting the material benefits that officials try to gain by stealing from Ukraine’s citizens,” the World Bank said.
As The Journalist reported, Ukraine to stop cooperation with IMF in 2023.
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