We all know about asset recovery, right? But what about civil asset recovery? What does it entail? What types of assets are recovered?
Here is everything you should know about civil asset recovery:
What is civil asset recovery?
Civil asset recovery is the process by which one party gets the assets of another party. The term originated in the United States, where it was used to describe the confiscation of property from a debtor in bankruptcy. It has since been used to refer to any seizure or forfeiture of property. Whether by a government agency or a private party. If you are stuck in this kind of situation you should get help from civil recovery and property freezing order lawyers such as Kang solicitors in the UK.
In criminal law, civil asset forfeiture is primarily associated with drug-related offenses. If a police officer stops someone for speeding and discovers that they were driving with drugs in their car, the police can seize the drugs and then seize other property associated with the crime—such as money or cars—and use that money and those cars to pay off debts on behalf of the owner.
If you have been involved in corruption, the police also have jurisdiction to recover all your assets from criminal activity. Whether they are within the borders of the UK or outside the UK.
The process of civil asset recovery
Here is how civil asset recovery takes place:
The first step is to investigate. The investigator should be familiar with the laws governing civil asset forfeiture and relevant court procedures. The investigator will interview the assets’ owner and others who know the assets’ location. The investigator will also collect evidence from any relevant sources, including bank records and other documents.
2- Determining beneficial ownership
When the government recovers property in a civil asset forfeiture case, it seeks to recover all or part of the money and property it believes was obtained illegally. To do so, the government must determine who owns the property it wants back.
3- International cooperation
In civil asset recovery, countries will cooperate to coordinate recovering assets that criminals have stolen. The countries involved will share information on where and how the funds have been transferred and work together to track down the criminals who stole them.
4- Court orders to freeze the properties
When a case is filed in court, the court will issue an order for a property to be frozen. This means that the property can’t be sold or transferred until the court decides whether or not it’s necessary. The court will appoint a receiver to manage the property while it’s frozen.
In the case of money, all accounts will be frozen till the case is determined.
5- Returning the assets
Finally, the government will take control of the recovered assets. Returning the assets begins with the government taking ownership of your property and any money you have in accounts.
They can sell the properties linked to criminal proceeds and retain the money.
The process of civil asset recovery is a long, complicated one that can be difficult to navigate. If you’ve been arrested or charged with a crime, finding a civil asset recovery lawyer who understands the process and will fight for your rights is important.