From Longman Business Dictionary
confiscatecon·fis·cate /ˈkɒnfəskeɪtˈkɑːn-/ verb [transitiveT] LAWto officially take private property away from someone, for example because a crime has been committedThe state can confiscate criminals’ profits from books or movies describing their crimes.
—confiscation noun [uncountableU]A judge ordered the confiscation of the smuggler’s £1.5 million assets.