Regulatory Alerts2020-10-04
Regulation on Management of Confiscated Funds and Properties Related to Money Laundering and Financing of Terrorism
Issued pursuant to Law No. 10/2014, this regulation establishes the framework for the Relevant Authority to manage, preserve, and dispose of funds and properties confiscated in connection with money laundering and terrorism financing. It mandates the transfer of confiscated assets to a designated account, outlines procedures for valuing, leasing, or selling properties through public auction, and permits the destruction of hazardous or illegal items. The regulation further protects third-party rights by allowing good faith claims within thirty days and requires strict record-keeping, external auditing, and annual reporting to ensure transparency.
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