The European Commission is proposing rules on the freezing and confiscation of assets of criminals and oligarchs violating restrictive measures.
It also proposes adding the breach of EU restrictive measures to the EU list of crimes, as well as new enhanced rules for recovering and confiscating property, which will also contribute to the implementation of EU restrictive measures. While Russian aggression In Ukraine, it continues, it is crucial that the EU sanctions are fully implemented and that these measures are not allowed to be violated, as stated in the Commission statement. Today’s proposals aim to ensure that the assets of individuals and entities violating the restrictive measures can be effectively confiscated in the future. The proposals are part of the Freeze and Seize Task Force set up by the Commission in March.
The vice-president of the Commission, Margaritis Schoinas, noted that “this important initiative stems from the lessons learned from the sanctions imposed on individuals and entities in Russia and Belarus, as a result of the illegal and completely unjustified Russian invasion of Ukraine. In other words, two core values are fundamental: Implementation and effectiveness. Implementation and effectiveness in ensuring international peace and security, supporting democracy, safeguarding the rule of law and protecting human rights. ”
At the same time, he stressed that “organized crime is one of the biggest threats to the security of the European Union. For the Commission it is a top priority and we are determined to ensure that crime does not bring profits.”
The European Commission’s proposal to add the breach of restrictive measures to the EU list of crimes will allow the establishment of a common basic standard for criminal offenses and penalties throughout the EU. In turn, such common EU rules would facilitate investigating, prosecuting and punishing breaches of sanctions in all Member States.
Violation of restrictive measures meets the criteria set out in Article 83 (1) TFEU, as it is a crime in most Member States. It is also a particularly serious crime, as it can perpetuate threats to international peace and security and has a clear cross-border framework, which requires a uniform response at EU and global level.
Home Affairs Commissioner Elva Johansson noted that “the proposal will cover new types of crime, including firearms trafficking and extortion.” For his part, Justice Commissioner Didier Raiders stressed that “we need to ensure that individuals or companies that circumvent EU restrictive measures are held accountable.”
The proposal modernizes EU rules on asset recovery, including:
• Extend the mandate of the Asset Recovery Offices to quickly identify assets, individuals and entities subject to EU restrictive measures. These powers will also apply to criminal assets, including emergency foreclosure disappearance of assets.
Expand the possibilities of confiscating property from a wider range of crimes, including the breach of EU restrictive measures, once the Commission’s proposal to expand the EU crime list is approved.
Establish Asset Management Offices in all EU Member States to ensure that foreclosed assets do not lose their value by allowing foreclosed assets to be sold that could easily be undervalued or costly to maintain.
Source: AMPE
Source: Capital
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