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What will happen to the confiscated assets? 50 percent of them for social reuse

2024-06-22 09:35:26Biznes SHKRUAR NGA REDAKSIA VOX

What will happen to the confiscated assets? 50 percent of them for social reuse

An Asset Recovery Office is expected to be established within the next year, which will deal with tracing assets from organized crime and corruption. In the National Reform Agenda 2021-2027, it is envisaged that this office will act as a National Coordinating Unit and a regional or international contact point, contributing to the improvement of confiscations.

Immediately after the establishment of this office, Albania will submit an application to become part of the European Network of Asset Recovery Offices or to regional and international recovery platforms.

But what happens to assets confiscated by the state?

Assets confiscated from criminal groups can be sold and their value transferred to the state budget. Also, they can be owned by central and local institutions, be transferred to the interest of crime victims or be reused for the benefit of society. The direct social reuse of assets under the competent authorities puts the confiscated assets at the service of the public, such as by converting a house that was owned by a criminal into a kindergarten, social housing, homes for the elderly and others.

The reform aims that by the end of 2026, about 50% of the number and value of confiscated assets will be reused within 6 months of confiscation, including their social reuse.

Almost all Western Balkan countries have a regulation regarding the social reuse of confiscated assets. The creation of this office will contribute to strengthening the process of criminal justice and the fight against economic crime, but also to the process of harmonizing the national legal framework with that of the EU.


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