Asset recovery in the European Union: implementing a “no safe haven” strategy for illicit proceeds
Journal of Money Laundering Control
ISSN: 1368-5201
Article publication date: 8 February 2021
Issue publication date: 3 January 2022
Abstract
Purpose
This paper aims to explore existing and proposed methods for enhancing asset recovery and targeting the proceeds of illicit trades and other types of criminal activity in the European Union (EU). Consistent and comprehensive implementation is needed at several levels (preventive measures, financial investigations, criminal proceedings and asset freezing and confiscation) to create a European “no safe haven” strategy for dealing with illicit proceeds.
Design/methodology/approach
This paper draws on primary sources of law, legal scholarship, reports and open-source data to explore the existing and proposed methods for enhancing asset recovery in the EU.
Findings
The EU should expand and accelerate harmonization initiatives that target illicit proceeds in cross-border cases by using the building blocks of asset recovery (preventive measures, criminal proceedings, financial investigations and asset freezing and confiscation) in a consistent and complementary manner.
Originality/value
This comprehensive study examines the existing asset recovery tools and explores new methods for enhancing the associated EU legal framework.
Keywords
Acknowledgements
With the support of the Erasmus+ Programme of the European Union. This publication reflects only the author’s view and the Education, Audiovisual and Culture Executive Agency (EACEA) and the European Commission are not responsible for any use that may be made of the information.
Citation
Pavlidis, G. (2022), "Asset recovery in the European Union: implementing a “no safe haven” strategy for illicit proceeds", Journal of Money Laundering Control, Vol. 25 No. 1, pp. 109-117. https://doi.org/10.1108/JMLC-11-2020-0131
Publisher
:Emerald Publishing Limited
Copyright © 2021, Emerald Publishing Limited