EU wants tougher rules on confiscating criminal profits

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The European Commission on Monday proposed a new set of rules to make it easier to strip criminals from profits they make on their crimes. At the moment, only 1% of illegal assets are frozen and confiscated. Most of the money is laundered and reinvested into the legal economy.

Europe’s Home Affairs Commissioner wants a simplified legal framework which will harmonise existing rules and close loopholes. Malmstrom said that “in times of crisis”, this is a very important measure.

The new rules would  allow prosecutors to freeze assets as a precautionary measure, even before the suspect is convicted. Member states would also have to manage their seized assets to avoid a loss in value. ?

Criminal assets account for almost 4% of the world GDP. In the EU alone, the sales of illicit drugs generate 100 billion euros a year.

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