EU Council Says Criminal Asset Rules Must Be Strengthened
Law360, London (June 18, 2020, 4:33 PM BST) -- The European Council is urging lawmakers in Brussels to strengthen financial crime enforcement powers and address divergent practices across member states after it was revealed that just 1% of illicit assets are recovered in the bloc.
The body, which defines the European Union's priorities, said Wednesday that EU authorities are lagging behind organized crime groups and that the commission needs to address weaknesses in the current system of governance.
The council singled out a patchwork use of powers to freeze and confiscate property with criminal links as one area that needs to be addressed. Member states use different approaches to confiscate assets...
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