New Asset Recovery Bill enables retroactive seizures

The House of Peoples' Representatives in Ethiopia yesterday approved the Asset Recovery Bill, reports All Africa. Initially presented to lawmakers in June 2024, it was sent to the Legal and Justice Standing Committee for further scrutiny. The proclamation seeks to empower the government to seize assets acquired through undeclared income. ‘The primary objective of this law is to establish comprehensive legal frameworks for asset recovery pertaining to all crimes that generate proceeds, ‘stated the proclamation. The new legislation, which targets both tangible and intangible assets with retroactive seizure provisions, encompasses a broad spectrum of assets, including bank credits, stocks, bonds, and other economically beneficial holdings. Under this law, assets acquired through undisclosed channels are subject to both criminal and anti-corruption legal frameworks. The law also authorises the government to issue a freezing order on assets for a period of three working days without prior court approval, if there is reasonable belief that the assets may be dissipated or their economic value may diminish.

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