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Act on Changes and Amendments to Forfeiture of Assets of Illicit Origin Act

2014-03

On 31 March 2014, the National Assembly adopted the Act on Changes and Amendments to Forfeiture of Assets of Illicit Origin Act, which in the opinion of the Government brings greater effectiveness and improved coordination between the bodies participating in the seizure of such assets.

The amendment stipulates the mandatory formation of a financial investigation group and alters the regulation of tax procedures with respect to assets of illicit origin. Under the current legislation, once civil proceedings (litigation) for the seizure of assets of illicit origin were initiated, the tax procedure regarding such assets could not begin. The amendment introduces a solution that only prevents the procedure for the assessment of the real estate transaction tax and gift tax on real estate that is subject of the lawsuit once the litigation for the seizure of assets of illicit origin begins. In addition to eliminating the deficiencies, the aforementioned amendment according to the proposer's assessment also provides the conditions for improved international cooperation in this area.

Authors

Picture of Sasa Sodja
Saša Sodja
Attorney-at-Law
Ljubljana