Addis Ababa, June 16, 2024 (FBC) – The draft asset recovery bill submitted to the legislature would allow Ethiopia to establish a rule-based economic system, Justice Minister Gedion Timothewos said.
Briefing the media, the minister stated that the bill presented to the House of People’s Representatives will be consequential to see a healthy economic system in Ethiopia.
Explaining the need for the bill, Gedion noted that economic related crimes have been on the rise in the country.
“Crimes committed by such individuals for economic profit and money are becoming more frequent, sophisticated and more complex. It has (therefore) become essential to prevent and control criminals so that no person can get economic benefits from illegal activity,” he underscored.
According to the minister, a person who engages in economic crime will not be only prosecuted but his wealth linked with illegal activities will be confiscated.
The bill also brings about a major shift in the legal approach to dealing with “unexplained wealth.”
Under the draft asset recovery proclamation, the burden of proof would rest on individuals or institutions to explain the legitimacy of acquired assets, he elaborated.
Individuals and entities would prove the sources of their unexplained assets by presenting documents, and prosecutors may grant an extension of up to six months.
Investigations can be initiated based on information from credible sources, financial intelligence services, or reports from financial institutions, it was learned.
The justice minister believes that Ethiopia, by effectively implementing the asset recovery proclamation, could create a more efficient and effective system for combating financial crimes.
Moreover, the draft bill meets the international obligations that Ethiopia has to fulfill, he added.
In doing so, the country helps to implement international and United Nations conventions to prevent corruption and other economic crime, according to Gedion.
The minister further recalled that the current legal framework of Ethiopia for unexplained wealth does not embrace sections of the society other than civil servants, as called by ENA.
The new draft asset recovery bill will be addressing the gap.