“Asset Recovery Bill will not be submitted to Majlis this year as planned”

Attorney General Ahmed Usham has stressed that the Asset Recovery Bill will not be submitted to the People’s Majlis as planned this year, but it will be submitted in the first session of 2025.

President Dr. Mohamed Muizzu stated that an Asset Recovery Bill would be introduced to put an end to the non-recovery of funds owed to the state, in July.

Speaking at a gathering of the ruling People’s National Congress (PNC), Muizzu said that the current laws do not adequately facilitate the recovery of funds lost to the state due to corruption and embezzlement.

The president stressed that the money lost to the state belongs to the people and must be recovered.

Further, he said that those who commit corrupt acts and those involved in such activities must be held accountable and brought to justice.

He asserted that those involved in such crimes should face appropriate punishment and be brought before justice.

Providing updates on the work while speaking at a press conference held on Saturday, AG Usham said that they have been working on the Asset Recovery Bill in consultation with the Anti-Corruption Commission (ACC).  

Usham stated that the bill will not be submitted to the People’s Majlis this year as previously planned.

He clarified that the delay in submitting the bill was due to the ACC not yet sending the bill to the Attorney General's Office.

With this, Usham stated that the Attorney General's Office has decided to draft and submit the Asset Recovery Bill on its own.

Further, the attorney general has stressed that no progress has been made on the work to submit the Asset Recovery Bill in collaboration with the ACC and that the government wants to obtain fair value for assets that were given away at undervalued prices, and that the Attorney General's Office has commenced work on the bill to achieve this.

The AG has alleged that the previous government gave away assets to many parties at undervalued prices.

Usham also noted that a legal approach must be established to nullify such agreements.

However, he did not reveal any details about this.

Muizzu had previously stated that asset recovery work would be done in a way that facilitates recovering money stored outside the country.

He noted that this was the only way to achieve good results in asset recovery.

As such, the president said that they will recover the money lost in the Maldives Marketing and Public Relations Corporation (MMPRC) grand corruption case and bring those involved in the embezzlement to justice.

While Usham said work is underway to bring an Asset Recovery Bill into existence, there are noticeable discrepancies between the president's statements and Usham's remarks.

As such, Usham's comments leave it unclear what measures will be taken to recover money held abroad and whether this aspect is a focus.