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Asset forfeiture or asset seizure is a form of confiscation of assets by the authorities. In the United States, it is a type of criminal-justice financial obligation . It typically applies to the alleged proceeds or instruments of crime.
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Equitable sharing refers to a United States program in which the proceeds of liquidated seized assets from asset forfeiture are shared between state and federal law enforcement authorities. The Comprehensive Crime Control Act of 1984 set up the arrangement in which state and local police can share the seizures with federal agents. [1]
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The property owner can recover the assets only if he or she can prove the seizure was not connected to any criminal activity, creating a legal burden that is costly and time-consuming.
As a punishment, it differs from a fine in that it is not primarily meant to match the crime but rather reattributes the criminal's ill-gotten spoils (often as a complement to the actual punishment for the crime itself; still common with various kinds of contraband, such as protected living organisms) to the community or even aims to rob them of their socio-economic status, in the extreme case ...
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The Treasury Executive Office for Asset Forfeiture (TEOAF) is an agency of the United States federal government in the United States Department of the Treasury. [1] TEOAF is responsible for administering the Treasury Forfeiture Fund (TFF). [clarification needed] The TFF was established in 1992 as the successor to what was then the Customs ...