EU to crackdown on criminal assets

12.12.2023 11:29

EU to crackdown on criminal assets

Money laundering

New EU rules on seizing illegal criminal assets agreed today will boost the fight against organised crime. During negotiations, lead negotiator, EPP Group MEP Loránt Vincze successfully established a more robust legal foundation for the Union. This will strengthen the ability of authorities to identify, freeze and confiscate criminal assets, while fostering better cooperation between authorities, especially in cross-border cases.

“Through persistence, we improved the access of Asset Recovery offices to information and an extended range of new databases, such as bank account registers, information on mortgages and loans or information on crypto assets. Parliament also improved provisions on information exchange and freezing capabilities in cross-border cases," said Vincze.

Furthermore, Vincze's proposal for a new Cooperation Network on Asset Recovery and Confiscation to enhance collaboration across asset recovery and asset management authorities was successfully adopted. Extensive provisions to protect the rights of victims were also prioritised in the talks under asset tracing, freezing, and confiscation proceedings, with emphasis on restitution and compensation. Importantly, the proposal expands the scope of the legislation to a broader range of crimes, specifically those committed by criminal organisations.

The newly amended legislation will grant competent authorities access to and search capabilities within Member States' centralised bank account registers through a single access point. This streamlined process will enable authorities to promptly determine whether an individual holds bank accounts in other Member States, speeding up such investigations.

“The new legislation will strengthen the Union's ability to crack down on illegal criminal activity and help the relevant authorities to identify and seize their illicit profits much faster," added Vincze.

Note to editors

The EPP Group is the largest political group in the European Parliament with 178 Members from all EU Member States

Other related content