Regulatory Alerts2022-05-01
Proceeds of Crime (Recovery and Management) Act 2022
Enacted by the National Assembly of Nigeria, this legislation establishes a comprehensive framework for seizing, confiscating, and managing properties derived from unlawful activities. It creates a dedicated Proceeds of Crime Management Directorate to administer forfeited assets, implement civil non-conviction based forfeiture proceedings, and issue preservation orders. The Act further mandates the establishment of a designated government account for deposited revenues, ensuring transparent asset disposal and strengthened inter-agency collaboration to maximize financial recovery from criminal conduct.
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