A bill has been introduced to the People’s Majlis outlining procedures for the state to seize assets and property acquired through serious criminal offences.
The government-sponsored bill, submitted by Fuvahmulah Central MP Ali Fazad, details the framework for confiscating illicitly obtained property following a conviction. It also includes provisions for the state to seize such assets under exceptional circumstances even before a conviction is secured.
Under the bill, assets acquired through criminal activity before the law's enactment can also be subject to seizure by the state.
The legislation identifies 15 categories of offences for which assets may be confiscated. These include:
- Terrorism
- Financing of terrorism
- Murder
- Drug trafficking
- Human trafficking
- Sexual offences involving exploitation
- Arms trafficking
- Counterfeiting of currency and securities
- Insider trading and market manipulation
- Corruption
- Serious organised crime
- Tax evasion involving amounts of MVR 500,000 or more
- Robbery involving amounts exceeding MVR 100,000
- Theft involving amounts exceeding MVR 100,000
- Embezzlement involving amounts exceeding MVR 100,000
- Trafficking of stolen goods involving amounts exceeding MVR 100,000
- Smuggling of goods involving amounts exceeding MVR 100,000
- Any other offence defined by law as a serious felony through which property may be acquired.
The bill also establishes procedures for freezing and confiscating illicit assets through international cooperation. This includes protocols for assisting foreign nations in seizing assets held in the Maldives by their nationals who have committed crimes.
Furthermore, the bill outlines mechanisms to freeze assets to prevent transactions involving illicit property, as well as guidelines for the management, maintenance, and utilisation of assets that have been frozen or confiscated by the state.
