President of Ukraine Petro Poroshenko has signed a law on the National Agency of Ukraine for Detection and Management of Assets Obtained through Corruption and Other Crimes, a president's press service reported.

The law was passed by the Ukrainian parliament on November 10.

The establishment of this agency is one of the main criteria of the implementation by Ukraine of the action plan on liberalization visa regime with the European Union. The adoption of the European rules of efficient detection and management of the arrested asserts and their confiscation will ensure an efficient cooperation with European criminal justice authorities and will help Ukraine to recover assets withdrawn by illegal means.

According to the law, the Agency of Ukraine for Detection and Management of Assets Obtained through Corruption and other Crimes is a central executive agency with special status, which ensures the formation and implementation of state policy on the detection and search of assets which have been arrested or confiscated under a criminal case.

To this end the agency, in accordance with appeals from the authorities that carry out pre-trial investigations, prosecutor's offices, and the courts, will take measures to identify and trace assets and work with these authorities to arrest those assets and confiscate them.

In addition, the National Agency will manage confiscated the assets. It will monitor and keep a record of court rulings on confiscations in criminal proceedings.

The National Agency will enforce judgments on confiscations under its management. The sale of these assets will be carried out at public or electronic auctions.

As a result of discussions, the possibility of selling seized assets was removed from the competence of the National Agency. The agency will be able to manage arrested assets by conserving them and selling the assets in the manner prescribed by Article 100 of the Criminal Procedure Code of Ukraine.

The agency must be established and start its work within three months from the day the law comes into effect (the following day after the publication).