Opinion on asset recovery and confiscation adopted - 28.3.23

30-03-2023 - 12:17
A bag with the euro sign on it, as well as two bills, shown behind a "forbidden" sign
© Image used under the license from Adobe Stock

The Committee on Budgets adopted an opinion for the Civil Liberties, Justice and Home Affairs (LIBE) committee on the proposal for a Directive on asset recovery and confiscation. In the wake of the addition of circumvention of EU restrictive measures to the list of EU crimes, the Commission proposed modernising EU asset recovery rules. These rules will apply to the violation of restrictive measures, ensuring the effective tracing, freezing, management and confiscation of the proceeds.

The opinion suggests inter alia to make the revenue from the liquidation of confiscated asset under this Directive an own resource. Those with a relation to the war in Ukraine would be channeled to the EU budget as an external assigned revenue pending the adoption of the relevant own resource decision.