Criminal assets could be sold off just two years after being seized by Gardai.

A new bill is set to be debated in the Dail today, aimed at reducing the time-frame that Gardai can sell off the assets confiscated from criminals.

Currently, under legislation brought in after the murder of journalist Veronica Guerin, the Criminal Assets Bureau can apply to the High Court to freeze a criminal's assets, but must wait seven years to sell them off.

A source speaking to the Evening Herald suggested that several million euro is backlogged due to the waiting period, and could be immediately injected into the Exchequer if the bill is passed.

It is being introduced by Labour TD for Dublin South Eamonn Maloney - who says seven years is too long - and the new bill will also enable funding for task forces to help communities ravaged by crime.