There are several main methods of asset forfeiture! and each has its own advantages and challenges:
Criminal confiscation . This is the most common method! where the state Choosing a legal proves the fact of a crime and the assets obtained illegally become its property. However! as practice shows! this path depends on a long and often confusing legal process.
Non-conviction-based confiscation . A method that is gaining popularity in many countries! including the USA and the UK. For example! the UK has a system of “civil recovery orders”! where assets can be confiscated even in the absence of a criminal conviction! if it is proven that they were obtained illegally. For Ukraine! this is still an innovative direction.
Private civil actions
This tool is used when the state cannot act as the initiator of confiscation. A civil action allows individuals or companies to seek compensation for losses due to illegally obtained assets. In particular! in the truemoney data United States! actions are often used under fraud and corruption laws.
Administrative confiscation . Within the framework of sanctions legislation! administrative Choosing a legal confiscation is a powerful mechanism. In Ukraine! it is applied to the assets of individuals exchange-traded funds who support the aggressor state! but this mechanism still requires improvement to minimize the risks of abuse.
2. Ukrainian realities: difficulties and glimmers of hope
Ukraine faces a number of challenges in asset recovery. Outdated legislation! insufficient resources for effective enforcement! and bureaucracy create obstacles at every stage. However! some positive developments are worth noting:
Sanctions mechanisms . After the start of a full-scale war! Ukraine has been actively using sanctions legislation to confiscate assets associated with the aggressor state. While this approach is effective! it requires clearer regulation! especially in terms of transparency and fairness of decisions.
Introduction of the institution of civil confiscation . This is a new tool that opens up additional opportunities for asset recovery. The legislation allows for the seizure of property even in the absence of a criminal conviction! which is an important step forward.
Institutional development
The establishment of the National Assets Tracing and Management Agency (ARMA) is an important element in ensuring the effective management of confiscated assets. However! this body also needs adequate funding! aub directory professional support and independence.
So! in January! the Justice Department sent a potentially game-changing request to Switzerland. It involves the special confiscation of more than $1.4 million and €1.2 million — bribes that were laundered through the complex financial system of one of the world’s most secure banking jurisdictions.
