Financial Crime World

Albania’s New Law on Frozen Assets: Provisions and Procedures Explained

TIRANA, Albania - The Albanian government has introduced a new law aimed at combating organized crime and terrorism by freezing assets of designated individuals. This law entered into effect on [date] and outlines the procedures for identifying, seizing, and managing frozen assets.

Seizure and Confiscation of Assets

According to Article 2 of the law, the Minister of Finance may submit an order to the Agency for the Administration of Seized and Confiscated Assets and other institutions to seize funds and properties found to be connected to designated individuals. The agency will then exercise control over the seized assets, including possession and administration.

Key Points:

  • The Minister of Finance may submit an order to seize assets connected to designated individuals
  • The Agency for the Administration of Seized and Confiscated Assets will exercise control over the seized assets

Allowed Expenses from Frozen Assets

Article 23 of the law allows the Minister of Finance to authorize payments from frozen assets for certain expenses, such as:

  • Medical treatment
  • Family support
  • Personal needs

These expenses must be approved by the minister within five days of receiving a request.

Key Points:

  • The Minister of Finance may authorize payments from frozen assets for certain expenses
  • These expenses must be approved within five days of receiving a request

Appeal Procedure

Designated individuals or those claiming to be in good faith may appeal the seizing order to the competent court within 30 days of notification. The appeal will not suspend the execution of the seizing order, however.

Key Points:

  • Designated individuals may appeal the seizing order to the competent court
  • The appeal will not suspend the execution of the seizing order

Changes and Revocations of Designated Persons

The Council of Ministers may decide to change or revoke the list of designated persons based on proposals from the Minister of Finance, Minister of Foreign Affairs, or upon request from a designated person. Changes or revocations will be made only when new circumstances arise that render further implementation unnecessary.

Key Points:

  • The Council of Ministers may change or revoke the list of designated persons
  • Changes or revocations will be made based on new circumstances

Criminal and Patrimonial Proceedings

The law does not preclude criminal and patrimonial proceedings against individuals whose assets are frozen. Prosecutors and courts may still proceed with seizing and confiscating assets under the provisions of the criminal code or other relevant laws.

Key Points:

  • The law does not prevent criminal and patrimonial proceedings against designated individuals
  • Prosecutors and courts may still seize and confiscate assets under the criminal code

Administrative Violations

Article 27 of the law outlines penalties for administrative violations, including non-compliance with obligations under the law. These penalties will be determined by the Council of Ministers.

Key Points:

  • The law outlines penalties for administrative violations
  • Penalties will be determined by the Council of Ministers

The new law aims to strengthen Albania’s efforts to combat organized crime and terrorism by effectively freezing assets of designated individuals and preventing their misuse.