The House of People’s Representatives has approved asset recovery bill, a legal framework that prevents and suppresses the detrimental effects of economic crimes in the country.
The asset recovery bill is aimed at establishing a rule-based economic system as the existing legal frameworks lack the power of preventing and suppressing unexplained wealth.
In its 14th regular session today, the House has approved asset recovery bill with a majority vote based on the report of the Legal and Justice Affairs Standing Committee.
The bill incorporates legal provisions that enable the recovery of illegally seized assets along with legal accountability.
Presenting the draft proclamation for approval, Legal and Justice Affairs Standing Committee Chairperson Etsegenet Mengistu said the Asset Recovery Proclamation fills the legal gap to recover government and public assets.
During the deliberation, members of the HPR affirmed that the bill encourages citizens to earn wealth through hard work as it makes those who earn wealth through crime accountable. (FMC)
