Section 1: Objectives.

1 The objectives of this Act are to-
a provide for an effective legal and institutional framework for the recovery and management of the proceeds of crime, benefits derived therein, instrumentality of unlawful activities, and unclaimed properties reasonably suspected to be proceeds of crime;
b make provisions for the restraint, seizure, confiscation and forfeiture of property derived from unlawful activities and any instrumentalities used or intended to be used in the commission of such unlawful activities;
c make provisions for non-conviction based procedure for the recovery of proceeds of crime;
d strengthen the criminal confiscation procedure by ensuring that the total benefit from a person’s criminal activity is calculated and an equivalent amount, where recoverable, is confiscated on behalf of the Federal Government;
e ensure that the relevant organisations establish the Proceeds of Crime (Management) Directorate to carry out the functions conferred on it under this Act;
f strengthen collaboration among the relevant organisations in tracing and forfeiting properties reasonably suspected to be proceeds of unlawful activity through non-conviction based forfeiture proceedings; and
g make provisions for the handover, management and disposal of properties forfeited to the Federal Republic of Nigeria.