- Citizens need to prove the legality of the purchase of any valuable assets
- And not be affiliated with criminal organizations
The EU Council has updated the “asset recovery and confiscation” directive proposed last year.. It is a document that obliges all EU member states to trace and confiscate unidentified assets.
The new version specifies that “unidentified assets” are considered all assets of value. Including cryptocurrencies.
But they can only be confiscated if the owner cannot prove the legality of the purchase.. For this purpose, financial monitoring will check the official income of citizens. It is up to the local authorities to determine in each individual case how to conduct supervision.
Also the owner of the asset must prove that there is no connection to criminal organizations (if the authorities have grounds for such suspicion).
“In determining whether the property is derived from criminal activity, the national courts must take into account all relevant circumstances of the case, including available evidence and specific facts, such as the value of the fact that the property is substantially disproportionate to the crime.. There, officials must agree on the final text of the directive. If passed, the new law will take effect within 3 years.