Armenia will launch the process of confiscating illegal assets. This is what Minister of Justice of Armenia Rustam Badasyan said during a discussion on the package of draft laws on confiscation of illegal assets and on making amendments to the laws related to the package of draft laws in parliament today.

According to him, the best international practice was studied and introduced during development of the draft laws. According to the authorities, the adoption of this package of draft laws will provide the competent body with the opportunity to study the lawfulness of acquisition of assets and submit a statement of claim with the request for confiscation of assets, if it is established that the acquired assets are not substantiated with sources of income and the value of which currently exceeds AMD 25,000,000. The aim of the draft laws is to remove illegal assets from economic circulation and return them to their rightful owners, and in case of absence of the latter — to the State.

According to the justice minister, the beneficiaries of this law aren’t law-abiding citizens since the draft law lists the special types of crimes, including organized crime, illegal circulation of narcotic drugs and weapons, trafficking and corrupt transactions.