The Justice Ministry of Ukraine has passed the bill on the introduction of the automated system on arrest of funds on bank accounts to the presidential administration, director of the court case and bankruptcy case work department of the Justice Ministry of Ukraine Oleksandr Oliynyk has said.

The document aims at increasing efficiency of the procedure for arresting funds of companies and individuals who are defenders (debtors) in business and civil trials.

"Around two weeks ago the bill was passed by the Justice Ministry to the presidential administration… The presidential administration early December will submit the bill as urgent to the Verkhovna Rada. I hope that this year the bill will be adopted," he said at a roundtable devoted to the bill in Kyiv on Monday.

He said that under the memorandum with the International Monetary Fund (IMF) Ukraine is to pass the bill by late December.

He said that after the introduction of the system, funds can be arrested on accounts in several minutes after the decision to arrest the funds is issued.

Head of the legal department of the National Bank of Ukraine (NBU) Roman Karmazin said that Ukrainian law regulates arrest of funds on bank accounts in the paper form.

"Of course, [the introduction of the system] will accelerate the civil case turnover," he said.

He said that the NBU believes that the transitive period is to be given to banks to switch from paper to the electronic form.

Karmazin also expressed alarm with the issue of guaranteeing secrecy in banking.

"The bill says that the state enterprise of the State Court Administration will be recipient of information that is considered secret in banking. Of course, the enterprise takes all risks to keep the information…I call on the state enterprise to act responsible," he said.