EU to take new rules to facilitate confiscating criminal assets

The European Union (EU) on Thursday said in a statement that it will take new rules to facilitate confiscating criminal assets across borders.

The statement said the European Parliament and the Council of the EU has reached a political agreement on the proposal for an EU regulation on the freezing and confiscation of criminal assets.

The proposal was adopted as part of the EU's action plan to strengthen the fight against terrorist financing.

The new regulation will widen the scope of current rules on cross-border recognition. Such as, the criminals can be deprived of criminal assets, even when the assets belong to their relatives.

The upgrades also include that the victim's right to compensation will have priority over states' claims.

Vera Jourova, European Commissioner for justice, consumers and gender equality, said: "The current EU legislation on mutual recognition of orders to confiscate or freeze assets across borders is outdated and prone to loopholes. Member states must cooperate better and much faster."

"Our new set of rules will directly apply in member states, with standard documents, clear deadlines and better communication between national authorities," she added.

Following the political agreement, the new regulation will have to be formally approved by the European Parliament and the Council of the EU.