(Bloomberg) -- Ukraine adopted anti-corruption legislation needed to help unlock financial assistance from the International Monetary Fund and the European Union.
Parliament on Thursday restored a law mandating criminal punishment for illicit enrichment. The bill, which will help identify illegal wealth held by officials, was backed by 259 lawmakers in the 450-seat house.
“Everyone understands it’s unacceptable when a judge or a prosecutor lives in a private five-story house with a tennis court and two swimming pools, and the property is registered to his retired mother,” Anastasiya Krasnosilska, a member of the president’s party, said when presenting the law.
Ukraine is expecting an IMF mission to visit Kyiv in the coming weeks as the government seeks a new loan of about $5 billion. A previous law on illicit wealth was struck down in February under ex-President Petro Poroshenko’s administration, leading to all cases linked to it being closed.
Five years after a revolution demanding a more transparent and accountable state, corruption remains one of Ukraine’s biggest challenges. To access new aid, Ukraine must also convince the IMF about its plans for the country’s biggest lender.
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