11:45 23.12.2019

Parties to UN Convention against Corruption adopt Ukraine's resolution on intl cooperation in asset recovery sphere

2 min read

Participants in the regular Conference of the States Parties to the United Nations Convention against Corruption held in the United Arab Emirates has approved a resolution entitled "Strengthening of international cooperation on asset recovery and the administration of frozen, seized and confiscated assets" developed by Ukraine's Asset Recovery and Management Agency (ARMA).

The press service of ARMA reported last week that the decision on approval of the draft Resolution was reached by a consensus.

"The approval of the said resolution for Ukraine has become a kind of double record- the first ever initiative of Ukraine on the adoption of the resolution has become a success, and the approved resolution is in general the first resolution in the history of Ukraine on finding and tracing of assets," ARMA said.

Following the approval of the text of the Ukrainian Resolution, such countries as the United States, Canada and Peru had also joined it.

The aforementioned draft Resolution was developed by ARMA based on the results of the analysis of the gaps in international acts, as well as took into account the resolutions adopted in the previous sessions of the Conference, current challenges and trends in the recovery of assets.

The Resolution contains a number of strategic recommendations for improving the search for illicit assets and for the management of seized assets. Among other things, the Resolution seeks to strengthen the independence and capabilities of institutions authorized to search for illicit assets and management of them.

In addition, the Resolution strengthens the mechanism of inter-agency and international co-operation, and reaffirms the necessity to improve approaches to managing seized and/or confiscated assets within each jurisdiction.

Ukraine ratified the UN Convention against Corruption back in 2003, but has never yet proposed to adopt a resolution at the Conference of States Parties to the Convention.

In the near future, ARMA will develop and submit a draft law that will take into account the provisions of the approved Resolution.

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