ADDIS ABABA — The draft Asset Recovery Proclamation that is referred to the House of People's Representatives aligns with international laws and constitutional mandates concerning economic crimes, the Justice Minister said.
In a press briefing he gave yesterday, Justice Minister Gedion Timothiwos (PhD) stated that the magnitude and complexity of economic crimes are growing at an alarming rate. "The adoption of legislation to tackle such crime has become the order of the day before the situation has caused irreversible damage."
This proclamation is a legal framework that enables the government to track, seize, and recover assets obtained through illicit and illegal means including those transferred locally and internationally. "Such illegally-accumulated assets are often hidden through complex financial networks," Gedion added.
The Ministry has been considering international laws including the United Nations Convention against Corruption-UNCAC. Hence, it has an article declaring how the government will collaborate with international partners to fight economic crimes and recover illegal assets.
"Ethiopia has no comprehensive framework to combat economic crimes that pose far-reaching impacts on the national economy. Legal tools which have been used by justice institutions are not mandated to investigate individuals who are not public servants or head of public enterprises."
According to him, identifying and recovering assets should not be limited to individuals' employment history as corrupted authorities may transfer huge amounts of illegal assets to their relatives. Usually, assets gained through corruption, fraud, and money laundering had been deposited in the name of individuals who have no business that qualifies to gain equivalent assets.
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"There was no legal framework to forge collaboration with foreign governments and international organizations in recovering illicitly transferred assets deposited abroad. This proclamation fills this gap well."
The Minister further highlighted that the proclamation is a key move towards ensuring transparency and accountability in economic affairs. It also mandates regular prevention against abusive powers and will help to maintain public trust in fighting corruption. "Corruption and assets with unknown sources have been a barrier to both the economy and the justice system."
The draft proclamation, having eight chapters and 57 articles, is sent to the House of People's Representatives for further evaluation and is expected to be endorsed soon, The Ethiopian Herald learned.
