Parliament has accepted the Government-sponsored Asset Recovery Bill, which seeks to confiscate assets obtained through criminal activity, and referred it to the Judiciary Committee for further examination. All 56 Members of Parliament who participated in the vote supported the bill's acceptance.
Central Fuvahmulah Member of Parliament Ali Fazad presented the bill on behalf of the Government. The proposed legislation aims to prevent those involved in serious criminal offences from benefiting financially from their activities by confiscating unlawfully acquired assets and preventing further gains from such property.
Under the bill, authorities would have the power to confiscate both assets obtained through criminal activity and property used to commit offences. The provisions would cover money laundering, terrorism-related offences, murder, drug offences, human trafficking, arms trafficking, sexual offences involving exploitation, counterfeiting, corruption and serious organised crime.
The bill would also allow authorities to confiscate assets linked to tax evasion offences involving amounts exceeding USD 32,425.42. Similar provisions would apply to robbery, theft, breach of trust and smuggling offences involving amounts exceeding USD 6,485.08, as well as any other offence classified by law as a serious criminal offence through which an offender could acquire property.
The proposed legislation would apply to offences committed outside the Maldives and those committed before the law comes into force. It would also permit authorities to confiscate assets regardless of whether a court convicts the person suspected of committing the offence.
Authorities would also have to follow the Prosecutor General's instructions when confiscating assets on behalf of the State.
To manage confiscated property, the bill requires the President to establish an institution called the Asset Management Authority within 30 days of the law coming into force. The authority would operate independently under the Ministry of Finance and Public Enterprises and remain accountable to Parliament.
The authority would safeguard, maintain, value and register assets confiscated by the State. It would also oversee compensation arrangements when victims of criminal offences submit claims for compensation.
The legislation further requires the establishment of a Recovered Asset Fund within 60 days of the law coming into force. The fund would manage expenditure related to preventing crime following asset confiscation and providing compensation to victims of criminal offences.
The bill would also empower the Prosecutor General to seek assistance from foreign countries in matters involving offences covered by the proposed legislation.
It also outlines procedures for seizing assets obtained through criminal activity, including arrangements for seizing and confiscating such property through cooperation with foreign countries.
Alongside the Asset Recovery Bill, the Government has submitted proposed amendments to the Criminal Procedure Code to Parliament.