The House of People's Representatives has passed a new asset recovery law designed to address legal loopholes in the recovery of government and public property.
During its 14th regular session, the House reviewed a report and resolution from the Standing Committee on Legal and Justice Affairs regarding the draft asset recovery law and approved it by a majority vote.
The law includes provisions enabling the recovery of illegally acquired property and establishing legal accountability. The Chairperson of the Standing Committee, Etsegenet Mengistu, presented a report and resolution to the House detailing the amendments and additions made to the draft law. The committee explained that they gathered input through consultations with stakeholders, including the public.
The committee highlighted that the asset recovery law fills existing legal gaps in recovering government and public property. They emphasized that it encourages citizens to legitimately acquire wealth, holds those who illegally accumulate assets accountable, and promotes national development.
House members raised concerns about the law's implementation, emphasizing the need for caution and strengthening enforcement bodies to prevent infringement on citizens' rights to acquire property. They stressed the importance of preventing the law from hindering citizens' right to accumulate wealth.
Etsegenet Mengistu clarified that the law doesn't contain any provisions contradicting the constitutional right to acquire and transfer wealth, according to ENA. The law is intended to strengthen the fight against corruption, recover illegally obtained and misappropriated national assets, and deter future illegality.
Following a detailed discussion on the law's necessity and timeliness, the House approved it by a majority vote, with three dissenting votes and four abstentions.