Brussels: Europe and the Arabs
The Council of the European Union on Friday adopted a law setting minimum EU-wide rules on tracking, identifying, freezing, confiscating and managing criminal property in relation to a wide range of crimes.
This directive would better equip Member States in their fight against organized crime and the illicit profits associated with it. It will also oblige EU countries to ensure that the authorities have the resources they need for their activities. The rules will also apply to violations of sanctions.
Freezing and confiscation
Member States will need to enable the freezing of assets and, in the event of a final conviction, the confiscation of instruments and proceeds arising from a criminal offence. In addition, it will have to adopt rules that allow it to confiscate property of value corresponding to the proceeds of crime.
When criminal assets or property of equal value are transferred to a third party, it should also be possible to seize them if the third party knew or should have known that the purpose of the transfer or acquisition was to avoid forfeiture.
The new rules will also enable member states to confiscate unexplained wealth; When such property is linked to conduct committed through a criminal organization and generates a significant economic benefit.
Asset recovery and management offices
Asset recovery offices responsible for cross-border cooperation will be strengthened. They will support national authorities and the European Prosecutor's Office in asset tracing investigations. Offices will be given access to relevant databases and records to perform these tasks.
Asset management offices will be appointed by Member States and will manage frozen or confiscated assets directly or provide support to other competent bodies. The new law also provides for the sale of frozen property, under certain conditions and even before final confiscation, for example if it is perishable.
The directive will enter into force on the twentieth day after its publication in the Official Journal of the European Union. Member states will have 30 months to incorporate the provisions of the Directive into their national legislation.
According to Europol data, criminal organizations collect revenues estimated at at least €139 billion each year.