Asset Recovery and Confiscation of Proceeds of Crime

This research paper critically examines the legal and institutional frameworks governing asset recovery and the confiscation of proceeds of crime. Focusing on the mechanisms for tracing, freezing, seizing, and forfeiting illicitly acquired assets, the study evaluates the efficacy of domestic legislation—particularly the Prevention of Money Laundering Act (PMLA)—alongside relevant international standards. It explores both conviction-based and non-conviction-based (civil) asset forfeiture regimes as vital tools in disrupting transnational organized crime and curbing financial corruption. Furthermore, the paper addresses key practical challenges in international legal cooperation, mutual legal assistance (MLA), and asset repatriation, ultimately proposing targeted legal reforms to enhance asset recovery frameworks and ensure the successful restitution of stolen state assets.