Regulatory Alerts2022-05-16
Proceeds of Crime (Recovery and Management) Act, 2022 Download
The newly enacted Proceeds of Crime (Recovery and Management) Act, 2022 in Nigeria aims to establish a comprehensive legal and institutional framework for the seizure, confiscation, forfeiture, and management of properties reasonably suspected to have been derived from unlawful activities. It provides for non-conviction based procedures for the recovery of proceeds of crime and strengthens criminal confiscation procedures, ensuring that the total benefit from a person's criminal activity is calculated and confiscated. The Act also mandates relevant organizations to establish Proceeds of Crime Management Directorates to carry out the functions conferred under the Act, thereby enhancing collaboration among these organizations.