The European Council adopts a law allowing the tracking and confiscation of organized crime funds

BRUSSELS, 12 APRIL / WAM / The European Council in Brussels adopted a law setting out minimum rules within the European Union for tracking, identifying, freezing, confiscating and managing criminal property in relation to a wide range of crimes.

This law would make member states more prepared in their fight against organized crime and the illicit profits associated with it. It would oblige them to ensure that the authorities obtain the resources they need for their activities, provided that the rules also apply to violations of sanctions.

Member States will have to enable the freezing of property and, in the event of a final conviction, the confiscation of the instruments and proceeds of a criminal offense, while adopting rules allowing them to confiscate property of a value corresponding to the proceeds of crime.

The new rules will also enable Member States to confiscate unexplained wealth when it is linked to conduct committed through a criminal organization and generates a significant economic benefit. Asset recovery offices, responsible for cross-border cooperation, will be strengthened, which in turn will support national authorities and the European Public Prosecutor’s Office in investigations related to tracing Assets… These offices must have access to relevant databases and records to perform their tasks.

The law will enter into force on the twentieth day following 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 euros every year.