Addis Ababa — Minister of Justice Gedion Timotiwos revealed that the newly drafted Asset Recovery Bill aims to end crimes and establish a healthy economic system in Ethiopia.

The minister briefed journalists today on the purpose of the bill and its consequential impact on stabilizing the country's political-economic landscape.

Gedion said economic crimes have resulted in a serious damage to the country. In this regard, the draft bill is indispensable as it attempts to overcome such economic challenges, he added.

The minister believes that the new bill will discourage individuals, who have been persistently engaged in economic crimes through human trafficking, money laundry and illicit financial activities.

He said that "unverified wealth" is also directly impacting the financial system of the country, its tax system, foreign currency earnings, and circulation of money among others.

The crimes have become obstacles to attract foreign investment in the financial sector and other areas, he added.

"They (crimes) need to be stopped somewhere. We need to stop people from accumulating wealth through illicit means," Gedion underscored.

Thus, he stated that the Asset Recovery draft bill is a key legal tool to stop the aforementioned crimes which have cost the country dearly.

Gedion added that Ministry of Justice has taken the experiences of various countries and considered international conventions in the course of preparing the draft bill.

The bill has been referred to the House of People's Representatives (HPR) for approval.