Just In: New Measures for Wealth Confiscation, Property Seizure and Freezing of ‘Unexplained’ Assets Has Just Passed European Council

There are some pretty heavy issues taking place in Europe at the moment. Check out the latest reports that have just hit the mainstream.

The Council of the European Union has recently approved a proposal to update its policies on wealth confiscation.

This comes after recognizing the need for a more up-to-date framework that includes measures for freezing and confiscating “unexplained assets.”

As stated by the Council:

“The Directive notably aims at laying down minimum rules on tracing and identification, freezing, confiscation and management of property within the framework of proceedings in criminal matters and to reinforce the capacity of competent authorities to deprive criminals of the proceeds from criminal activities.”

The directive, dubbed as a “Proposal for a Directive of the European Parliament and of the Council on asset recovery and confiscation,” states that in order to maintain harmonization and clarity across the EU, the property that can be frozen or seized should be “defined broadly.” It also mentions crypto by name.

“The definition should cover all forms of property, including crypto assets.”

The new directive emphasizes that assets may be confiscated if there is no evidence of their legal acquisition or if the owner is associated with criminal groups.

The latest regulations require individuals with “unexplained assets” to demonstrate that their property’s value is not significantly higher than their lawful income or that it has no illegal origin.

The directive has been agreed upon by the Council and negotiations with the European Parliament will commence to finalize the legal text. After adoption by member states, EU countries will have three years to implement the directive.

Stay tuned for more news from the financial space and don’t forget to also keep your eyes on the market as well.