
Addis Ababa, Ethiopia – In a significant move to curb economic crimes and ensure that no individual benefits from illegal acts, the Ethiopian government has introduced the “Asset Recovery Proclamation No. — /2024”. This landmark legislation aims to establish a robust legal framework for the identification, investigation, freezing, seizure, and confiscation of assets obtained through illegal activities.
Key Objectives and Provisions:
The new proclamation addresses several critical issues related to economic crimes:
- Preventing Illicit Gains: The legislation emphasizes that no individual should gain any benefit from illegal acts. This includes a comprehensive approach to suppress the detrimental effects of economic crimes on the national economy.
- Unexplained Wealth: A significant feature of the proclamation is the focus on unexplained wealth. Individuals who maintain lifestyles disproportionate to their legitimate income must prove the lawful source of their assets or face confiscation.
- Legal and Practical Framework: The proclamation seeks to fill gaps in existing laws, providing a detailed legal and practical framework for asset recovery. This includes definitions and procedures for various types of assets, such as movable, immovable, tangible, and intangible assets, as well as proceeds and instrumentalities of crime.
- International Standards: The legislation aligns with international agreements ratified by Ethiopia, ensuring that the country meets global standards in asset recovery and management.
- Broad Application: The law applies to all individuals and legal entities, including private and government institutions, involved in economic crimes. It covers assets within Ethiopia’s jurisdiction and includes provisions for international cooperation in asset recovery.
Investigation and Management:
The proclamation outlines detailed procedures for asset investigation and management:
- Special Investigation Techniques: These include monitoring bank accounts, accessing computer systems, and conducting undercover operations to gather evidence.
- Appointment of Asset Managers: Courts can appoint asset managers to oversee the management of seized assets, ensuring their value is maintained until legal proceedings conclude.
- Victim Compensation: Provisions are made to ensure that victims of economic crimes are compensated from the recovered assets.
Legal Proceedings and Enforcement:
The new law includes specific provisions for legal proceedings related to asset recovery:
- Non-Conviction Based Confiscation: Assets can be confiscated even if the accused is not convicted, provided there is reasonable suspicion of illegal acquisition.
- Appeals and Appeals Process: The legislation allows for appeals against court decisions on asset confiscation, ensuring due process.
Impact and Implementation:
The introduction of this proclamation marks a significant step towards strengthening Ethiopia’s legal framework against economic crimes. By addressing both domestic and international aspects of asset recovery, the government aims to enhance transparency, accountability, and the rule of law. The implementation of these measures is expected to bolster confidence in Ethiopia’s financial and legal systems, encouraging foreign investment and economic growth.
The proclamation will come into force upon its publication in the Federal Negarit Gazette, marking a new era in Ethiopia’s fight against economic crimes.
For more detailed information, you can access the full Ethiopia Asset Recovery Law here.
#Ethiopia #AssetRecovery #EconomicCrimes #AntiCorruption #LegalReforms #FinancialTransparency #AssetSeizure #UnexplainedWealth #EthiopianLaw #InternationalStandards
Leave a Reply