European Parliament Wants More Efficient Assets Seizures

A European Parliament committee is pushing for new rules that could allow the bloc to more quickly and efficiently seize sanctioned assets. The rules, approved as part of a draft position by the Civil Liberties, Justice and Home Affairs Committee this week, would harmonize the authorities of individual European Union member states’ asset recovery offices to “make cross-border investigations more efficient” and increase information sharing, including on “beneficial ownership registries, securities and currency information, customs data and annual financial statements of companies,” the Parliament said in a May 23 press release. They also would close “loopholes” by “ensuring assets can be frozen quickly, with temporary urgency measures where necessary” and “crack down” on those evading asset seizures through help from a third party. Confiscated assets could also be used to compensate victims or put toward “social or public interest purposes.”