12/04/24 (Agence Europe) – On Friday 12 April, the Council of the European Union formally adopted the new European Directive on freezing and confiscating criminal assets (see EUROPE 13370/30), which will also apply to sanctions violations. Member States will have to allow assets to be frozen and, in the event of a conviction, criminal assets to be confiscated. When criminal assets or property of the same value are transferred to a third party, it must also be possible to confiscate them if the third party knew - or should have known - that the purpose of the transfer or acquisition was to avoid confiscation, states a press release. The new rules will also allow Member States to confiscate unexplained wealth linked to acts committed by a criminal organisation. Member States will have 30 months to transpose the text. (SP)