Ethiopia: New Asset Recovery Bill Aims to End Economic Crimes in Ethiopia

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

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

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

The minister believes that the new bill will deter people who have been persistently involved in economic crimes through human trafficking, money laundering and illicit financial activities.

He said “unverified wealth” is also directly impacting the country’s financial system, its tax system, foreign exchange earnings and money circulation, among others.

Crimes have become obstacles to attracting foreign investment in the financial sector and other areas, he added.

“These (crimes) need to be stopped somewhere. We need to stop people from accumulating wealth through illicit means,” Gedion stressed.

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

Gedion added that in preparing the bill the Ministry of Justice took into account the experiences of several countries and considered international conventions.

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

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