Justice Minister M.U.M. Ali Sabry announced that the government has gazetted a new law aimed at recovering assets acquired through criminal activities. This legislation will empower authorities to pursue legal action against individuals holding unlawfully obtained wealth and enforce stricter measures against corruption.
The minister highlighted the Anti-Corruption Act No. 19 of 2013, which was introduced to safeguard the independence of anti-corruption institutions from political influence. Under this law, all Members of Parliament are required to declare their assets, ensuring greater transparency and accountability in governance.
Additionally, a new authority will be established to collaborate with the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) and police officers to gather and protect information related to corruption. This authority will strengthen efforts to identify and reclaim stolen assets and prosecute offenders.
The minister also noted the recent amendments to the Central Bank Act, which grants the Central Bank greater independence and prevents further money printing, as well as the Economic Transformation Act, which aims to centralize regulatory activities, enhance economic governance, and foster sustainable growth.
