The Government adopted five resolutions that ensure the practical implementation of the provisions of the Law on ARMA Reform. These documents establish mechanisms for the implementation of the new legislative norms and are aimed at bringing the activities of the Asset Recovery and Management Agency (ARMA) closer to European standards of transparency, accountability, and efficiency.
The resolutions provide for:
• the introduction of competitive and transparent procedures for selecting managers for “simple” and “complex” assets;
• the improvement of the system of control over the effectiveness of the management of arrested assets;
• compliance with European standards in the field of public procurement and asset management;
• the enhancement of the openness of decision-making processes.
The Law on ARMA Reform established general principles and norms, while the adopted resolutions determine how these principles will operate in practice. They explain how managers for different types of assets are to be selected, according to which criteria their performance is to be evaluated, and how effective and transparent management of arrested property is to be ensured.
The adoption of the package of resolutions confirms ARMA’s consistent course toward forming a modern, efficient, and transparent asset management institution that complies with best European practices and public expectations.
List of resolutions approved by the Government:
• “Certain issues of selecting a manager of a complex asset (assets)”;
• “Issues of the Commission for Determining the Manager of Complex Assets”;
• “Certain issues of selecting a manager of a simple asset (assets)”;
• “On approval of the Procedure for exercising control over the effectiveness of asset management”;
• “On approval of the Procedure for calculating the expected value of the procurement item for asset management services by the National Agency of Ukraine for Finding, Tracing and Management of Assets Derived from Corruption and Other Crimes.”
It should be recalled that on 30 January, certain provisions of the Law on ARMA Reform entered into force. One of the key changes is the division of arrested assets into “simple” and “complex,” with different mechanisms for selecting managers.
