Assets abroad: the Bureau of Economic Security strengthens international cooperation on their tracing and recovery

The Bureau of Economic Security of Ukraine is strengthening its international focus in financial investigations.

On 18 September, the Bureau of Economic Security announced an international dialogue on asset recovery, anti-money-laundering efforts, and expanded cooperation with foreign partners.

For businesses, the key issue is not the international meeting itself, but the broader trend: economic criminal proceedings in Ukraine may increasingly have a cross-border dimension.

If a case involves:

• foreign bank accounts;
• companies in other jurisdictions;
• real estate or other assets abroad;
• complex corporate structures;
• international financial transactions,

the investigation may rely on more than Ukrainian registers and banking data.

The Bureau of Economic Security is also developing analytical capabilities to trace asset movements, identify sources of funds, and examine cross-border financial schemes.

It is important not to confuse two different matters.

The existence of a foreign company, account, or asset is not, in itself, a violation of law.

Questions arise when a law-enforcement authority seeks to link a specific asset to a possible criminal offence and establish its origin, beneficial owner, and flow of funds.

For this reason, owners of international businesses increasingly need documents confirming:

• the lawful source of funds;
• the economic purpose of transactions;
• the genuine business activity of foreign companies;
• the ownership structure;
• the legal basis for acquiring assets.

A lawyer’s view: if criminal proceedings already include an international element, the defence strategy should also be international.

Explaining the origin of assets after they have been seized is much more difficult than having a properly prepared body of evidence in advance.

It is better to seek legal advice now than to require legal representation later.

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📧 Email: info@uk-winner.com

Author: Ihor Yasko, Managing Partner at WINNER Law Firm, PhD in Law.