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Bulgaria adopts new asset recovery law to fight corruption

03 May 2012, 22:07 CET
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(SOFIA) - Bulgaria's parliament adopted late Thursday measures recommended by the European Union to fight corruption and counter unexplained wealth.

The new law, adopted in three successive late-night sessions in parliament, makes it possible to launch asset seizure proceedings against alleged top criminals without waiting for verdicts in their criminal trials.

The property of suspected organised crime bosses and perpetrators of massive administrative corruption can now come under scrutiny at a very early stage -- immediately after pre-trial indictments are handed out.

This will help prevent suspects from unloading suspicious assets, according to the new law, which was strongly recommended by the European Commission as a key tool in fighting corruption.

Until now, authorities were only able to confiscate property or assets after its owners had been convicted of a crime.

Now they will be able to verify the property of suspects against their legal income going back fifteen years, and confiscate it if it finds a discrepancy of over 250,000 leva (128,000 euros, $168,000).

Tax evaders and the perpetrators of other administrative crimes linked to corruption can also be stripped of property worth up to 150,000 leva if they cannot prove the origin of their money.

The ruling right-wing GERB party of Prime Minister Boyko Borisov sped up the adoption of the new law in time for the visit over the coming days by a team of European Commission experts.

The team is preparing the next monitoring report on Bulgaria's progress in fighting corruption and organised crime.

In a late-night address to parliament Thursday, Borisov thanked lawmakers for backing the law, saying he would have resigned if the law was not adopted.

The law will officially enter into force within six months.

Bulgaria hopes to receive a favourable report by Brussels in July to finally overcome opposition from the Netherlands and be allowed to join the EU visa-free Schengen travel area along with neighbouring Romania.

Both legal and crime experts and the Socialist opposition in parliament however criticised the law's hasty adoption and said it could open the way for abuses against the ruling party's political adversaries.


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