15:17 20.02.2024

Reforms matrix provides for competition for ARMA leadership during year – Ministry of Finance

1 min read
Reforms matrix provides for competition for ARMA leadership during year – Ministry of Finance

The reforms matrix, prepared by the Cabinet of Ministers in cooperation with the World Bank and presented by the Ministry of Finance, provides for the holding of a competition for senior positions at the National Asset Recovery and Management Agency (ARMA) within year, according to the updated law on this agency.

"Amend the law on ARMA to allow an open, competitive, and merit-based selection of the leadership with required integrity checks; Ensure new competition for ARMA leadership within one year," the Ministry of Finance lists two of the six conditions in this section.

According to other points, amendments to the law on ARMA must provide an independent external system for assessing the effectiveness of its work and a transparent procedure for the management and sale of seized assets under the control of the agency.

In addition, an Asset Recovery Strategy until 2025 inclusive should be developed and implemented, the purpose of which is to ensure the institutional capacity of ARMA, as well as increase the efficiency of financial investigations, asset recovery and management.

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