Cyprus legislative committee discusses EU directive to strengthen fight against organised crime through asset seizure
The Cyprus House legal affairs committee held a session on Wednesday focusing on a new European Union directive aimed at combating organised crime by setting rules for tracing, freezing, and confiscating illicit assets. Chairwoman Fotini Tsiridou emphasized that this directive is one of the most important tools available to states for targeting criminal organisations, allowing asset confiscation even without a criminal conviction.
The directive mandates establishing competent asset recovery agencies and promotes cross-border cooperation among EU member states. It also includes provisions for managing frozen assets, procedural safeguards, and enhanced rights for affected persons. Cyprus is required to implement the directive into national law by November 23, 2024.
Adopted earlier this year, the directive obliges EU countries to equip authorities with necessary resources and strengthens asset recovery operations, including supporting the European Public Prosecutor’s Office. Its implementation is expected to significantly bolster efforts across the bloc to disrupt illegal profits linked to organised crime and violations of international sanctions.
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