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+38 (050) 356-03-94
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yuliya.shevchenko9@gmail.com
- CEO of CREDENCE PARTNERS, senior partner, attorney at law.
- Specializes in the protection and representation of interests in criminal, civil, and administrative proceedings on issues of anti-corruption legislation (submission of declarations, false declaration, unreasonableness of assets, illegal enrichment, etc.).
- She worked in management positions at the National Agency on Corruption Prevention (department for conducting full checks of declarations, department for compliance with legislation on conflict of interests). He has work experience in the Ministry of Justice of Ukraine, the State Executive Service.
In the evolving landscape of financial transparency and anti-corruption, the emergence of cryptocurrency as a declared asset among public officials has sparked a mix of curiosity and scrutiny. Julia Shevchenko, a distinguished senior partner at CREDENCE PARTNERS, shares her expert insights on the reasons behind the increasing mention of cryptocurrency in declarations and the implications for public officials.
The Rise in Cryptocurrency Declarations: Beyond the Surface
According to Shevchenko, the surge in officials declaring cryptocurrency is not merely an attempt to obscure or launder assets. "This uptick," Shevchenko explains, "can be attributed to the broader adoption and institutionalization of cryptocurrency within Ukraine. The requirement for its declaration is a logical step towards transparency." Shevchenko also points to the enhanced capabilities of law enforcement and anti-corruption bodies in tracking such assets, emphasizing that the increase is a sign of growing regulatory maturity rather than evasion.
For officials found not declaring cryptocurrency, the consequences are severe, ranging from criminal liability depending on the value of the concealed assets to inclusion in the Register of Corrupt Officials. This underscores the seriousness with which such declarations are taken and the rigorous checks in place to ensure compliance.
Cryptocurrency and Financial Monitoring: A Double-Edged Sword
While some may speculate that declaring cryptocurrency could be a loophole for officials to bypass financial monitoring in banks and verification of fund sources, Shevchenko sheds light on the rigorous verification process that follows a declaration. "Upon declaring cryptocurrency, an official must be prepared to provide documentary evidence substantiating the declaration's details," she states. This process involves scrutiny from the National Agency on Corruption Prevention (NACP) and law enforcement agencies to ascertain the legality of the asset's acquisition and the legitimacy of its sources.
Shevchenko warns that even if initial explanations for the sources of funds may temporarily satisfy regulatory bodies, it does not exempt individuals from further investigations by anti-corruption agencies. The origins of the funds and their legitimacy remain a focal point of these inquiries, emphasizing the importance of thorough and transparent declaration practices.
Advice for Public Officials Holding Cryptocurrency
For public officials who are cryptocurrency holders, Shevchenko advises a responsible approach to declaration. "It's crucial to not only declare these assets accurately but to also understand that initial fund source verification is just the beginning. Subsequent checks by anti-corruption infrastructure will delve deeper into the source of these funds, which remains a key area of focus."
Shevchenko's insights highlight the complexity and necessity of transparent cryptocurrency declarations by public officials. It's a testament to Ukraine's commitment to combating corruption and fostering an environment of trust and integrity in public service. Through conscientious declaration and adherence to regulatory requirements, officials can navigate the intricacies of cryptocurrency ownership while upholding the principles of transparency and accountability.
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Contact Us
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+38 (050) 356-03-94
-
yuliya.shevchenko9@gmail.com
- CEO of CREDENCE PARTNERS, senior partner, attorney at law.
- Specializes in the protection and representation of interests in criminal, civil, and administrative proceedings on issues of anti-corruption legislation (submission of declarations, false declaration, unreasonableness of assets, illegal enrichment, etc.).
- She worked in management positions at the National Agency on Corruption Prevention (department for conducting full checks of declarations, department for compliance with legislation on conflict of interests). He has work experience in the Ministry of Justice of Ukraine, the State Executive Service.
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+38 (095) 007-45-90
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stepanovst@gmail.com
- Senior partner of CREDENCE PARTNERS, attorney at law.
- 2020 - 2022 launched compliance practice and integrated modern solutions in state bodies, defense enterprises, financial institutions, research, and educational institutions. He personally protected and represented the interests of clients.
- Since 2022, advocates the interests of clients in achieving their business goals, supports and supports their current activities.
- Master of Public Administration & Policy (2023). Lecturer of the Higher School of Advocacy (2020-2022).
- Ukrainian National Bar Association member since 2016. Director of the Center for Legal Protection (an NGO) since 2008.