Four Audits Underway at ARMA, Assessment of 89% of Seized Assets Completed – Maksymenko

During a recent press conference, Yaroslav Maksymenko, the acting head of the National Agency for Detection, Search, and Management of Assets Obtained from Corruption and Other Crimes (ARMA), revealed that the agency is currently undergoing four audits at the same time, with three of them being external. These audits aim to evaluate the effectiveness of ARMA's operations and ensure the continued development of the institution.

Maksymenko noted that the first audit is an international one, where foreign experts will assess the institutional functions and tasks of ARMA. She emphasized that this process is extremely important for solidifying the agency's institutional framework and restructuring its operations. 'The first audit is international, where international experts will evaluate the institution of ARMA, its tasks, and functions. From the perspective of institutional development, this is probably one of the most important processes for solidifying the agency's institutional framework and its restructuring,' Maksymenko commented to Interfax-Ukraine.

Additionally, she mentioned that an international audit of the register of seized assets is being conducted at ARMA with the support of the Council of Europe. 'The register of seized assets is a database of assets and information that has been and remains a subject of numerous discussions, manipulations, and abuses. The modernization of the register of seized assets was one of the measures outlined in the ARMA reform for institutional rebooting,' Maksymenko explained.

She also pointed out that ARMA has previously faced challenges in modernizing the register and the legal intricacies of its operation. The agency evaluated the register in terms of public trust and ultimately reached out to international partners for support in the modernization process. 'Currently, with the support of the Council of Europe, an audit is being conducted for further modernization of the management of information regarding seized assets,' she added.

The third audit, according to Maksymenko, concerns the international audit of the implementation indicators of the EU support program for Ukraine, known as the Ukraine Facility. 'We have an international audit of the indicators of the Ukraine Facility. One of them is the reform, implementation, and enforcement of ARMA's reform. The second is the selection of the head of ARMA and the development of a strategy for asset recovery. This is the third audit,' she explained.

The fourth audit is internal and is conducted at ARMA on a regular basis. Maksymenko noted that this is a comprehensive review of all processes with a four-layer verification system. 'Based on the results of the internal audit, we make management decisions regarding rebooting, building processes, and responding to risks identified during implementation. This is daily work, and I would classify it as operational and managerial work,' she emphasized.

Responding to a question about the expected outcomes of the external audit, Maksymenko highlighted the importance of building a comprehensive monitoring system that encompasses all stages—from the search and detection of assets to their management. 'Currently, these processes are occurring separately from one another. We have a function for searching and detecting assets, a management system, asset management, and implementation,' she clarified.

Furthermore, Maksymenko reported that ARMA has already assessed 89% of the assets that were transferred to the agency's management and announced that the results will be made public after the assessment is completed. 'This was necessary to finally obtain a complete understanding of the volume of assets under ARMA's management—their quantity and total value. Currently, 89% of the required volume has been assessed, and only a small portion of the work remains to be completed. We will present the results shortly,' the acting head of the agency stated.

Maksymenko also emphasized that the primary goal of ARMA is to reduce the shadow economy in Ukraine and return lost and withdrawn assets to the country's economy. This is an important step towards ensuring stability and development of the national economy.