"The return of illegal assets is one of the key tasks of the law enforcement system." – Taras Shcherbai

 Ukraine is working on changing its approaches to financial investigations, focusing attention not only on identifying persons involved in crimes but also on detecting, seizing, and returning illegally obtained assets. The First Deputy Director of the Economic Security Bureau of Ukraine, Taras Shcherbai, stated this during the Radio NV forum "Money Laundering and Corruption." How to Protect Ukraine?"

According to him, the amount specified in the indictment reflects the established subject of the crime; however, it does not always correspond to the volume of property that actually exists and can be confiscated by court decision.

"The figures reflected in the indictment and the actual confiscation according to court verdicts are different things. When an indictment is sent to court, it does not mean that all the specified property actually exists and can be confiscated," Taras Shcherbai explained.

During legalization, funds can pass through several jurisdictions, transform, and be concealed behind complex ownership structures, trusts, and straw persons. This significantly complicates the establishment of ultimate beneficiaries and the tracking of asset movement.

International practice is also gradually shifting its focus from searching for persons to searching for property. In particular, Interpol is implementing a pilot project of the "silver notice", aimed at detecting and tracking assets related to criminal activity.

"When it comes to economic or corruption crimes, it always concerns an asset. By seizing the asset, we deprive criminal activity of its economic meaning," the First Deputy Director of the ESBU emphasized.

Within the framework of fulfilling European obligations, Ukraine is developing financial investigation and asset recovery strategies. They will provide for uniform rules for conducting such investigations, faster access for law enforcement officers to financial, banking, and customs information, as well as broader use of modern cryptoanalysis systems.

"Financial investigation and asset recovery strategies must focus the work of the law enforcement system on searching for and seizing illegally obtained property. However, the implementation of such an approach takes time," Taras Shcherbai concluded.

The forum was dedicated to topical issues of countering money laundering and corruption, improving legislation in this area, and implementing international standards in Ukraine. Participants also discussed the effectiveness of financial investigations and approaches to monitoring politically exposed persons.

The event was attended by deputies of Ukraine, representatives of the Ministry of Finance, the National Bank, the European Commission, the Office of the General Prosecutor, NABU, SAPO, the State Financial Monitoring Service, the SBU, the ESBU, the National Police, the banking sector, and the public.