Asset Confiscation

Confiscation or forfeiture takes place through a judicial or administrative procedure that transfers the ownership of specified funds or other assets to the state(s). Upon transfer, the person(s) or entity (ies) that held an interest in the specified funds or other assets at the time of the confiscation or forfeiture lose all rights priorly exercised in relation to those assets, in principle, to the confiscated or forfeited assets.

Asset Confiscation includes forfeiture where applicable and means the permanent deprivation of funds or other assets by order of a competent national or supernational authority or a court.

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