State to tap frozen assets

The state will utilize seized movable and immovable assets that come from criminal activities, per a bill by the Ministry of Finance that was submitted to Parliament, so that boats, yachts, ships, helicopters and ultra-luxury cars can go under the hammer.

According to the draft law, the state will be able to proceed with the sale of movable assets with a value of more than 300,000 euros that come from criminal activities and are seized or confiscated in the context of criminal proceedings, while the Hellenic Public Properties Company (ETAD) is given the chance to manage the seized properties, through the leasing or concession of their use in return – their sale is ruled out.

As emphasized in the bill’s introductory report, the use of the frozen assets is intended for the public interest, for social purposes or for the satisfaction of the victim, and the effectiveness of their management is enhanced to ensure their economic value.

The assets that have been frozen may come from a criminal organization, money laundering, fraud, theft, robbery, forgery, human trafficking, illegal drug trafficking, smuggling, tax evasion, non-payment of debts to the state and even stock market crimes. Asset recovery and management are transferred to the Financial Crimes Squad.