On 4 November 2024, the National Agency of Ukraine for Finding, Tracing and Management of Assets Derived from Corruption and other Crimes (ARMA) announced the anticipated enhancement of the Unified State Register of Seized Assets (USRSA) in January 2025. The Agency released that the main innovations involve simplification of the asset search process with improved filters and the ability to apply advanced parameters. Additional features will include new sections offering statistics on the number of entries within the Register and information on the timing of the most recent access.
ARMA further revealed plans to optimise the portal's homepage to prioritise the search function as the main user interface feature. The portal will also be designed with inclusivity in mind, ensuring accessibility for visually impaired users.
The Register will provide additional comprehensive data on:
- Domestic government bonds in foreign currency;
- Seized assets transferred to state ownership under special procedures and government directives;
- Appraisers and reports, including reviews and supporting documentation;
- ARMA's regional MTUs responsible for asset management within specific territories; and
- International interagency agreements
Impact of the USRSA
The Unified State Register of Seized Assets is set to become a cornerstone of Ukraine's digital infrastructure, playing a pivotal role in ensuring the transparency and efficiency of criminal proceedings. Key benefits include:
- Enhanced Transparency and Accountability:
By publicly documenting all assets seized in criminal cases, the Register mitigates corruption risks and promotes public oversight in asset management.
- Improved Cybersecurity Measures:
As a critical infrastructure tool, the Register will incorporate heightened security protocols to safeguard sensitive data and protect against cyber threats.
- Increased International Confidence:
The system's transparency and efficiency are expected to bolster trust among foreign partners, laying the groundwork for stronger international cooperation and integration with global databases.
- Future Development Opportunities:
The Register will attract additional resources to enhance its functionality, ensuring its continued relevance and effectiveness in combating corruption and economic crime.
In summary, the USRSA represents a significant leap forward in Ukraine's efforts to foster transparency, combat corruption, and strengthen public and international confidence in its legal and judicial systems.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
