Quicker freezing and confiscation of criminal assets in the EU

Berlaymont 2018

© European Union , 2018 / Source: EC – Audiovisual Service / Photo: Mauro Bottaro

This article is brought to you in association with the European Parliament.New rules to speed up the freezing and confiscation of criminal assets across the EU were adopted by the Civil Liberties committee on Tuesday.

This legislation, already informally agreed between Parliament and Council negotiators on 14 June, should make it quicker and simpler for EU member states to ask each other to freeze criminal assets or confiscate criminal property.

Parliament and Council negotiators agreed on:

  • introduction of deadlines: an EU country that receives a confiscation order from another EU country will have 45 days to execute the order; cross-border freezing orders have to be executed with the same speed and priority as national ones. Authorities will have four days to freeze the assets in the case of urgent freezing requests,
  • standard documents: standard certificates and forms will be used to ensure that EU countries act faster and communicate more efficiently,
  • wider scope: where requested, EU countries will be able to confiscate assets from other people connected to the criminal and they can also act in cases where there is no conviction (e.g. if the suspect has fled), and
  • victims’ rights: victims will be the first in line to receive compensation when distributing confiscated assets.

Depriving criminals of their assets is an important tool for fighting organised crime and terrorism. However, currently only an estimated 1.1% of criminal profits are confiscated in the EU.

Quote

Rapporteur Nathalie Griesbeck (ALDE, FR) said: “I’m glad that this regulation has been adopted; it is the product of constructive work between the EU institutions. The Parliament made sure that the new instrument is faster, more efficient, more operational and also fairer for the victims, for all those affected and based on the respect for fundamental rights.”

Next steps

Civil Liberties MEPs adopted the new rules by 43 in favour, 2 against, 1 abstention.

The agreed text now needs to be formally approved by the Parliament as a whole and the Council before entering into force. The new rules will apply 24 months after their entry into force.

Background

According to a Europol study from 2016, 98.9% of estimated criminal profits in the EU are not confiscated and remain at the disposal of criminals. Between, 2010 and 2014, 2.2% of estimated criminal profits were provisionally seized or frozen but only 1.1% were finally confiscated at EU level.

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Featured Stings

China is among the 20 most innovative economies for the first time

Eurozone needs more than some decimals of growth

This forgotten chemical element could be the key to our green energy future

Joint U.S.-EU Statement following President Juncker’s visit to the White House

Thai citizenship means ‘dream of a brighter future’ for cave rescue boys, says UN Refugee Agency

Trump rejects Europe’s offer for zero car tariffs; he had personally tabled that idea in July

Eurozone: Bank resolution proposal gains wider interest

MWC 2016 LIVE: CEOs issue rallying call to drive ‘gigabit economy’

A renewed agenda for Research and Innovation: Europe’s chance to shape the future

EU and US close to an agreement on data sharing amid European citizens’ concerns

We lack a global framework for saving our environment. Here’s how we change that

Driving structural change through global value chains integration

EU summit: No energy against tax evasion and fraud

10 things Europe does better than the rest of the world

One Day in Beijing

Juncker Investment Plan for Europe welcomed by European Youth Forum

TTIP’s 11th round major takeaways and the usual “leaked” document

EU Summit/Migration: Parliament calls for joint solutions based on solidarity

German and French bankers looted the Irish and Spanish unemployed

6 ways to ensure AI and new tech works for – not against – humanity

Why Italy will not follow the Greek road; Eurozone to change or unravel

UN chemical weapons watchdog adds new powers to assign blame, following attacks

Backed by UN agency, countries set to take on deadly livestock-killing disease

Why sustainable products are a win-win for all of us

What lessons to draw from the destruction of Syria

How close is the new financial Armageddon? IMF gives some hints

Obama turns the G20 summit into warmongering platform

The role of junior entrepreneurs as a bridge between academia and business world

UN agriculture agency digs in to help forests and farms build resilience to climate change

Education and Training: where do we stand in 2014?

Germany and France only care about keeping their borrowing cheap

Assault on key Yemeni port would endanger 300,000 children and ‘choke off’ aid for millions more: UNICEF chief

Knowledge management and entrepreneurship: short term vs. long term perspective

Scotland in United Kingdom: It’s either the end or the beginning of the end

COP21 Breaking News_05 December: Carbon Price Needed for Climate Change Success

G20 LIVE: G20 Leaders’ Communiqué Antalya Summit, 15-16 November 2015

Presentation of Juncker’s Investment Plan: Can 315 billion euros save the EU?

More answers from Facebook ahead of Parliament hearing today

Press conference by EC Vice-Presidents Valdis Dombrovskis (left) and Jyrki Katainen, on the Commission's proposals in the framework of the financial union (Source: EC Audiovisual Services / Copyright: EU, 2018 / Photo by Georges Boulougouris)

EU Finance ministers agree on new banking capital rules and move closer to Banking Union

A critical European young voice on Net Neutrality: the distance between Brussels and Washington

FROM THE FIELD: Sailing a traditional and sustainable path in Fiji’s tropical waters

A Sting Exclusive: “Climate change-the biggest global health threat of the 21st century, yet overlooked in climate negotiations?” IFMSA wonders from COP21 in Paris

Cultural diversity can drive economies. Here are lessons from India and South Asia

A few, or rather two, trade and economic alliances may rule our brave new world

World Population Day: ‘A matter of human rights’ says UN

MWC 2016 LIVE: EC adds Brazil to partner tally

At Ministerial session, UN regional office in Beirut to focus on technology for sustainable development

This robot has soft hands. It could be the future of sustainable production

2013, a Political Odyssey: What future for Italy?

Eurozone recession subsides

Use space technology to build a better world for all, urges UN chief

The European Brain Drain: a truth or a myth?

EU seeks foreign support on 5G from Mobile World Congress 2015 as the “digital gold rush” begins

ILO: Progress on gender equality at work remains inadequate

Sub10 Systems @ MWC14: Bridging the Ethernet of the Future

How Germany strives to mold ECB’s monetary policy to her interests

Three scenarios for the future of geopolitics

‘No steps taken’ so far to end Israel’s illegal settlement activity on Palestinian land – UN envoy

Trade, entrepreneurship and the future of ASEAN’s economy

Czech Babis, Austrian Kurz and others threaten Europe with nationalist populism

More Stings?

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s