Ukraine Approves Anti-Corruption Law to Help Unlock IMF Aid

(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.

To contact the reporter on this story: Kateryna Choursina in Kiev at kchoursina@bloomberg.net

To contact the editors responsible for this story: Scott Rose at rrose10@bloomberg.net, Andrew Langley, Michael Winfrey

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