Decree “On Measures to Counter Raiding” signed


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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