The draft asset recovery bill submitted to Ethiopia's legislature aims to establish a rule-based economic system, according to Justice Minister Gedion Timothewos.
During a media briefing, the minister stated that the bill, now presented to the House of People’s Representatives, will significantly contribute to a healthy economic system in Ethiopia.
Highlighting the need for the bill, Gedion noted a rise in economic-related crimes in the country.
“Economic crimes are becoming more frequent, sophisticated, and complex. It is essential to prevent and control these crimes to ensure no one profits from illegal activities,” he emphasized.
Under the proposed legislation, individuals involved in economic crimes will not only face prosecution but also have their illegally obtained wealth confiscated.
The bill introduces a significant shift in how "unexplained wealth" is handled.
According to the draft proclamation, individuals or institutions must prove the legitimacy of their assets. They would need to present documentation to explain the sources of their unexplained assets, with prosecutors potentially granting an extension of up to six months.
Investigations can be triggered by information from credible sources, financial intelligence services, or reports from financial institutions.
Gedion believes that by effectively implementing this asset recovery proclamation, Ethiopia can create a more efficient and effective system for combating financial crimes.
Additionally, the draft bill aligns with Ethiopia’s international obligations.
Implementing this bill will help Ethiopia adhere to international and United Nations conventions aimed at preventing corruption and other economic crimes, Gedion added.
He also noted that the current legal framework in Ethiopia for addressing unexplained wealth only applies to civil servants, leaving a gap for other sections of society.