Government Bodies
Flag Monday, 27 March 2023
Minsk Mainly clear +4°C
All news
All news
06 January 2023, 10:50

Asset forfeiture law published in Belarus

MINSK, 6 January (BelTA) – A law on asset forfeiture has been published on the national legal information registry website.

The law has been adopted in view of the need to immediately and effectively respond to existing threats to Belarus' national interests by taking special restrictive measures while abiding by fundamental principles of international law, including the principle of non-interference in domestic affairs of a foreign state. The principle allows any state to independently determine its political, economic, social, and cultural systems. The law is designed to ensure Belarus' national security, the country's economic stability, protect rights and legal interests of Belarusian legal persons and natural persons, interests of the society and the state.

According to the document, assets can be seized if unfriendly actions are committed against Belarus, its legal and/or natural persons. The decision to take a reciprocal measure in the form of asset seizure can be made by the Council of Ministers. Once the decision is made, the State Property Committee will have to contact the Economic Court of Minsk with an application for seizing the relevant assets.

According to the law, assets forfeiture is based on principles of objectivity, proportionality (adequacy), transparency (public disclosure), suitability of purpose, strategic importance and effectiveness.

For example, according to the principle of objectivity assets can be seized only as a reciprocal measure in response to unfriendly actions against Belarus, its legal and/or natural persons.

The assets are classified as belongings, including money and securities, other assets, including property rights, which are located in Belarus' territory and are owned by seizure subjects – foreign states, which commit unfriendly actions, individuals from such states as well as affiliated persons.

Seized assets will be transferred into the ownership of the republic.

The law comes into force in ten days after its official publication.

Subscribe to us
Recent news from Belarus