asset confiscation

The permanent deprivation of property by order of a court or other competent authority. The term is used interchangeably with forfeiture. Confiscation takes place through a judicial or administrative procedure that transfers the ownership of specified funds or assets to the state. The persons or entities that held an interest in the specified funds or other assets at the time of the confiscation or forfeiture lose all rights, in principle, to the confiscated or forfeited funds or other assets.