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The EU strengthens its arsenal to dry up terrorists' finances!

Following the adoption by the Civil Liberties committee on Tuesday of the New rules to speed up the freezing and confiscation of criminal assets across the EU, French MEP and rapporteur for Mutual recognition of freezing and confiscation orders legislation, Nathalie Griesbeck declared: “I’m glad that this regulation has been adopted; it is the product of constructive work between the EU institutions. The Parliament made sure that the new instrument is faster, more efficient, more operational and also fairer for the victims, for all those affected and based on the respect for fundamental rights.”

This new mechanism would ensure rapid cooperation between Member States' authorities to freeze or confiscate the property and assets of criminals and terrorists - an indispensable tool given that only 1% of criminal profits are confiscated! 

She also added that: " European Parliament has ensured that an important place is given to victims in the management of confiscated property and that access to justice is improved for all those who are involved. I also welcome the non-recognition clause for freezing and confiscation orders based on Fundamental Rights, which did not exist in the original Commission and Council texts! Thanks to our common determination, we are creating a more operational tool, but also a fairer one, with better guarantees! »

This legislation, already informally agreed between Parliament and Council negotiators in June, should make it quicker and simpler for EU member states to ask each other to freeze criminal assets or confiscate criminal property.

The agreed text now needs to be formally approved by the Parliament with a plenary vote and the Council before entering into force. The new rules will apply 24 months after their entry into force.

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