The Financial Crimes Commission Act 2023, through Part VI and the establishment of the Unexplained Wealth Unit, provides a comprehensive mechanism for investigating and confiscating unexplained wealth.
Part VI of the Act specifically addresses the issue of unexplained wealth and grants the Financial Crimes Commission (FCC) substantial powers to confiscate such wealth through civil proceedings. The onus lies on the respondent to show, on the balance of probabilities, that the property has been obtained lawfully. Thus, enhancing the efficiency and effectiveness of Asset Recovery.
The Unexplained Wealth Unit has been established within the Asset Recovery and Management Division, as mandated by Section 5(1)(b) of the FCC Act 2023.
You may access the FCC Act 2023 through the below link: