San Marino’s Asset Recovery Processes Take a Major Leap Forward

In a significant breakthrough, San Marino has agreed to speed up the freezing and confiscation of criminal assets, marking a crucial step in leveling up the fight against organized crime.

Harmonizing Asset Seizure Across Europe

The deal, reached between the government and the European Parliament, will harmonize how and under which conditions money resulting from crimes shall be seized from criminal networks across Europe. This will enable San Marino’s Asset Recovery Offices to gain stronger powers to detect and confiscate criminal assets, helping to counter criminal networks in their advances.

Non-Conviction Based Confiscation Procedure Introduced

The non-conviction based confiscation procedure is also being introduced at the EU level, allowing for the confiscation of criminal assets and illegally obtained property without prior conviction of a person for a criminal offense. This will enable authorities to seize illegal profits generated by criminal activities more efficiently.

Benefits of the Agreement

• Faster compensation for victims of crime
• Stronger powers for San Marino’s Asset Recovery Offices to detect and confiscate criminal assets
• Breaking the working methods of criminals and helping San Marino recover a significant portion of illegal profits

Quotes from Renew Europe Group’s Negotiator

“The best way to fight organized crime is to hit them where it hurts: in their wallets.”

Criminal Assets Confiscated to Fund Ukraine Reconstruction

It is expected that criminal assets confiscated in the context of circumvention of EU sanctions against Russia will be used for the reconstruction of Ukraine, a step towards paying back the Ukrainian people.

Conclusion

The deal is seen as a major boost to San Marino’s efforts to combat organized crime and recover stolen assets, and is expected to have far-reaching implications for the country’s law enforcement agencies.