Decree “On Measures to Counter Raiding” signed

23-07-2019

Finally, we have reached real steps to prevent raiding. This is the most painful issue for business, since there have been more than 3000 illegal takeovers over the past 6 years. Typically, this is a change of ownership due to forgery of documents, “non-existent” registrars, “gaps” in registries or simply through removing property from registries.     

Therefore, we are glad that the initiative we have been working on for a long time was supported by the President. He signed the Decree “On Measures to Counter Raiding” drafted with the active participation of the BRDO.

The Decree provides for a number of specific steps. In particular, the Government should develop a draft law to close all the gaps of legislation, which allowed raiding, in the near future. In addition, the Commission of the Ministry of Justice as a state registration appeal body will be renewed. The specialized non-governmental organizations with a brilliant reputation will be involved to strengthen the control of its work.

In addition to the draft law, a number of technological changes are envisaged, in particular:

1) automatic monitoring of risk transactions with further confirmation/stopping of registration actions.

2) creating a back office to review high risk transactions.

3) photo/video recording of transaction participants.

4) introducing additional confirmation of registration operations (for example, SMS-passwords or MobileID).

5) introducing additional authorization of transaction participants (for example, EDS).

All these changes at different levels will allow entrepreneurs to conduct business safely in Ukraine.

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