Armenian parliament OKs stolen asset recovery bill in first reading

Armenian parliament OKs stolen asset recovery bill in first reading

PanARMENIAN.Net - The Armenian National Assembly on Thursday, March 5 adopted a bill on stolen asset recovery in the first reading

The measure was approved with 92 votes cast in favor, 2 against and 18 abstentions.

Once the bill gets a final green light after the second reading, it will enable the confiscation of assets worth AMD 50 million or more (approx. $150,000) whose acquisition can’t be traced to legal income sources.

Asset recovery is the process of tracing, freezing, and returning illegally acquired assets to the jurisdiction of origin.

In this case, the assets can pass to the ownership of either Armenia or another country.

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