The Government has introduced a legislative bill to the People’s Majlis aimed at the recovery and forfeiture of assets derived from or used in the commission of major criminal activities. Targeted at offenses such as money laundering, terrorism, corruption, and grand larceny, the bill provides a legal framework to seize illicit assets even in cases where a criminal conviction is not secured. Furthermore, the legislation has retrospective effect and applies to crimes committed prior to its enactment or those perpetrated outside the Maldives.
Under the guidance of the Prosecutor General, the bill mandates the establishment of an “Asset Management Authority” to oversee confiscated property and a “Recovered Asset Fund” to facilitate compensation for victims. Additionally, the proposed law outlines procedures for international cooperation and mutual legal assistance. In conjunction with this bill, a formal amendment to the Criminal Procedure Act has also been proposed to ensure legislative consistency.
