President Viktor Yanukovych of Ukraine has signed the law on humanization of responsibility for economic crimes, President's aid on judicial system Andriy Portnov told a briefing, ForUm correspondent reports.

"The President of Ukraine authored this law, the Parliament adopted the law, and it shall enter into force one month after its signing," he said.

According to Portnov, there has been excessive criminalization and unnecessary interference with economic entities' activity.  "Law enforcement bodies were going too far sometimes," he said. Portnov believes that such situation created unnecessary barriers to business development, worsened investment climate in the state and at the same time did not promote proper compensation of damages caused by illegal efforts of the law enforcement bodies.

"We have totally decriminalized 16 definitions of crime," Portnov informed. According to him, instead of punishment with imprisonment, the law imposes sanctions in the form of fines for crimes in the economic sphere. The court may replace a fine with another sentence only if it is not paid within the period established by a court ruling.

Portnov also informed that the law establishes the sizes of fines and bails from 17 thousand hryvnias up to 289 thousand hryvnias, depending on the gravity of a crime. The convicted offenders or those who are already serving a sentence in detention facilities can be released in case of paying the fine. "The size of the fine will be calculated according to the remaining term of imprisonment," the official said.

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