Time in Yerevan: 11:07,   21 April 2024

Armenia parliament approves Stolen Asset Recovery bill at first reading

Armenia parliament approves Stolen Asset Recovery bill at first reading

YEREVAN, MARCH 5, ARMENPRESS. The Armenian parliament adopted the government-backed stolen asset recovery bill at first reading with 100 votes in favor, 2 against and 18 present.

The mechanism foresees the confiscation of assets the acquisition of which the owner will be unable to substantiate with legal income sources. Such assets will be treated by authorities with the presumption of having illicit origin, but the owner of these assets can prove the legality by providing evidence supporting their lawfulness. Minister of Justice Rustam Badasyan introduced the bill to lawmakers at the parliament session today. 

The opposition Prosperous Armenia voted present at the first reading, saying they will submit recommendations and express their final stance at the second reading.

The Bright Armenia party, the other opposition party, voted in favor but again said they will make recommendations.

 

Edited and translated by Stepan Kocharyan

 








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