The proposed new directive establishes minimum EU-wide regulations concerning the tracing, identification, freezing, confiscation, and management of criminal assets.
The directive contains provisions on:
- Strengthening the powers of member states’ asset recovery authorities;
- Enacting measures for property freezing to ensure subsequent confiscation and, upon final conviction, the seizure of criminal instruments and proceeds;
- A new rule allowing the confiscation of property identified in the context of an investigation in relation to criminal offences, subject to court approval; and
- Requiring asset recovery authorities to manage the frozen or confiscated property.
If endorsed and approved by member states, the text will travel through the formal adoption process of the Council and European Parliament before enactment.
Firms should view the announced directive to identify the potential impacts on their operations.
AML/CTF/CPF
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