In a briefing by the think tank of the European Parliament [1] the European asset recovery initiative (‘non-conviction based confiscation’) is explained. Earlier a study on asset recovery was published [2].

According to the legislative train page [3] the proposal was submitted in May 2022 and the status is as follows:

The proposal was referred to the Parliament on 22 June 2022 and assigned to the Committee on Civil Liberties, Justice and Home Affairs (LIBE). The appointed rapporteur is Loránt VINCZE (EPP, Romania). The Committees on Legal Affairs (JURI) and on Budgets (BUDG) are set to provide an opinion. The deadline for national parliaments in the EU to submit reasoned opinions on the grounds of subsidiarity and proportionality expired on 19 September. The European Economic and Social Committee (EESC) published a preliminary draft opinion generally supporting the proposal but calling for stronger procedural rights and safeguards for defendants in confiscation procedures and for giving clear priority to victim’s rights to compensation.

Notes
[1] Revision of Directive 2014/42/EU on the freezing and confiscation of the proceeds of crime and proposal for a new directive on asset recovery offices, May 2022.
[2] Study on freezing, confiscation and asset recovery – what works, what does not work, Januari 2021.
[3] The legislative train page on Revision of the Directive on the freezing and confiscation of the proceeds of crime. See also: file European Parliament.