President Dr Mohamed Muizzu has said the aim of the Asset Recovery Bill is to prevent criminals from further profiting from assets obtained through illegal means.
In a post on X, the President said the Asset Recovery Bill has been drafted and sent to Parliament. Its main aim is to create a legal framework for confiscating property and assets obtained through criminal activity, he said.
According to the President, the bill addresses gaps in the current law concerning the confiscation and recovery of proceeds of serious crimes.
The absence of a proper asset-recovery system or laws allow criminals to hide, transfer or disguise the origins of illicit money and assets, enabling them to accumulate illicit wealth. The Anti-Corruption Commission (ACC) has also been working on an Asset Recovery Model Law, which sets out procedures for recovering money and property linked to crime.