Asset Confiscation and Asset Forfeiture  

        It is a well known fact that asset confiscation is abused by law enforcement agencies and others, in most countries in the world. It is understandable when assets of suspects accused of heinous crimes and corruption charges are frozen, but mostly seizure and sale of property happens without just reasons.

        The Civil Asset Forfeiture Reform Act of 2000 (HR 1658) allows the US government to confiscate assets of suspects who are under investigation, and criminals who have been convicted of offenses that could be anything from soliciting a prostitute, to gambling, drug charges to tax related crimes and corruption. Technically, the law even allows assets to be forfeited in case of civil offenses, like errors in fulfilling Medicare or tax forms. Worse still, in contrast to other criminal cases, the defendant must prove that the source of funds he has used to but the confiscated assets is not illegal. If he fails to do so, or if he out of the United States or has passed away, his assets can then be auctioned off and the money will go to law enforcement agencies, or add to the government's budget, or maybe given to a charity.

        Apart from the United States, this applies in a number of countries, like the United Kingdom, Denmark, Germany, Austria, France, Belgium, Hong Kong, Ireland, Italy, New Zealand, Singapore, Greece and Switzerland. Also, once the process of asset confiscation is initiated, the defendant’s banks are indemnified by the government, and banker-client confidentiality is no longer applicable.WelcomeToWelcomeRocketswag

 

 

    
Asset Confiscation and Asset Forfeiture
 

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