Will the EU take measures for more effectively management of forfeited assets?

July 10, 2020

In line with Better Regulation principles, the Commission has decided to launch a public consultation to gather stakeholder views on the possible enhancements to the EU anti-money laundering/countering the financing of terrorism framework (AML).

TI-S, TI-EU and other representatives of the global anti-corruption movement of Transparency International among which is TI-Bulgaria are preparing a draft for a joint response which will be sent to the European Commission.

Transparency International calls on the EU to reform its framework for freezing and confiscation of illicit assets through simplifying the procedures for mutual recognition of both freezing and confiscation orders issued in other Member States and adoption of minimum common standards.

As part of the review of the Directive on the freezing and confiscation of instrumentalities and proceeds of crime in the EU, the EU should consider addressing the return of confiscated assets in cross-border corruption cases and in doing so, introducing principles for the management, transfer and ultimate use of confiscated assets.

The processes of confiscation of illegally acquired property, initiated by the Member States, must at all stages respect the principles of transparency, accountability, solidarity, integrity and efficiency, which should be the basis for any future regulation of the recovery of property.

Transparency International – Bulgaria continues to work and supports these efforts at the national level, insisting on the need for a well-managed and inclusive process in the fight against confiscation of illegally assets, money laundering and organized crime.