The Financial Crimes Commission (FCC) enforces stringent asset recovery measures under Part V of the Financial Crimes Commission Act 2023 (FCCA). The Asset Recovery Unit (ARU) of the FCC targets properties that are proceeds and instrumentalities of unlawful activities, including those seized during criminal investigations or related to terrorism. The FCCA mandates that individuals found in possession of such properties must, on the balance of probabilities, demonstrate that their assets were obtained through legitimate means. This pivotal shift in the burden of proof aims to discourage criminal activities by making it clear that criminals risk losing their unlawfully gained assets, thereby reinforcing the FCC’s commitment to combating financial crime. The two types of asset recovery regimes under the FCCA are the Conviction-Based Asset Recovery and the Civil-Based Asset Recovery.
You may access the FCC Act 2023 through the below link: