BRUSSELS, April 12 (Xinhua) -- The European Union (EU) Council adopted a law on Friday that sets up baseline rules for EU countries regarding the tracing, identification, freezing, confiscation and management of criminal property in connection with a wide range of crimes.

According to the Council, the new law is aimed at better equipping EU member states in their fight against organized crime and the associated illegal profits and oblige EU countries to ensure that authorities have the resources they need for their activities.

These new rules will also apply to violation of sanctions.

In terms of freezing and confiscating assets, EU countries will have to enable the freezing of property. The instrumentalities and proceeds from a criminal offense will be seized in case a final conviction is issued.

Confiscation will also be possible if criminal assets or property of equivalent value are transferred to a third party, provided that the third party knew or should have known that the transfer was made to avoid confiscation.

A reinforcement of asset recovery offices in charge of cross-border cooperation is foreseen regarding asset recovery and management. These offices will support national authorities and the European Public Prosecutor's Office in investigations into asset tracing.

After the new law enters into force, EU member states will have 30 months to incorporate it into their national legislation. Enditem

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