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The new law will not recognize the right to private property when the assets have been obtained through illegal activities or are used for illegal activities.
On Thursday, the National Assembly (AN) unanimously approved the Asset Forfeiture Act (AFA), which allows Venezuelan authorities to confiscate assets obtained by corruption and use them to finance social programs, infrastructure or public services.
The AN President Jorge Rodriguez, who congratulated the speed with which lawmakers approved the AFA, sent the new norm to the Supreme Court's Constitutional Chamber for its review and subsequent promulgation.
First discussed on March 31, the 48-article act was approved amid recent scandals related to the discovery of corruption networks. So far, however, the Bolivarian authorities have managed to arrest 61 people linked to these networks.
Rodriguez also announced the creation of a "Special Legislative Commission" that will be chaired by Diosdado Cabello and will be in charge of reviewing all the laws related to the fight against corruption so as to make them more energetic and efficient.
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These actions will serve to prevent public officials and private agents involved in acts of corruption from continuing in impunity, the AN president pointed out.
During the first discussion of the AFA, lawmaker Cabello pointed out that the law will not recognize the right to private property when the assets have been obtained through illegal activities or are used for activities contrary to the law.
He also mentioned that the recovered assets will be used to enhance the social protection system, the provision of public services and infrastructure, the care of victims of illegal activities, and strengthen institutions in charge of fighting corruption.