The House of People’s Representatives on January 9 approved one of the most debated Asset Recovery proclamations.
Initially presented to lawmakers in June 2024, the proclamation has been the subject of intense debate among the elite, with varying interpretations.
Under the proclamation, the government has been empowered to seize assets acquired through undeclared income.
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A broad spectrum of assets, including bank credits, stocks, bonds, and other economically beneficial holdings have been made subject to seizure.
The new legislation is announced to be retroactive, and targets both tangible and intangible assets. Under this law, assets acquired through undisclosed channels are subject to both criminal and anti-corruption legal frameworks.
