The Criminal Assets Recovery Fund is established under section 109 of the Proceeds of Crime and Anti-Money Laundering Act. The Criminal Assets Recovery Fund is responsible for the overall management of recovered assets as mandated through the Proceeds of Crime and Anti-Money Laundering Act. The fund shall be administered by the Agency.
Criminal Assets Recovery Fund
The Criminal Assets Recovery Fund is responsible for the following key functions;
- Receive all money derived from the fulfillment of confiscation and forfeiture under the Act to ensure public and common good;
- Receive, manage and transfer all property derived from the fulfillment of a confiscation and forfeiture order stipulated in Parts VII to X of the Act;
- Receive the balance of all money derived from the execution of foreign confiscation orders after payments have been made to requesting countries under the Act;
- Receive money or property recovered under the Anti-Corruption and Economic Crimes Act, 2003; and provide overall management and design of the Fund;
- Develop relevant guidelines as the need arises to guide the operations and implementation of the Fund;
- Management and administration of the Fund including recoveries from properties confiscated or forfeited to the fund under the Act;
- Prepare and present for approval the financial statements of the fund before submission to the Auditor General; and
- Prepare and present for approval policy on the management of assets, equipment, and all properties of the Fund.