Asset Forfeiture Act of 1988

Asset Forfeiture Act of 1988 - Amends the Federal criminal code to provide for the criminal and civil forfeiture of the proceeds of mail and wire fraud. Makes the forfeiture procedures of the Controlled Substances Act applicable to forfeitures under this Act.

Permits courts to order the forfeiture of substitute assets if the property subject to forfeiture under this Act: (1) cannot be located; (2) has been transferred to a third party; (3) has been placed beyond the jurisdiction of the court; (4) has been substantially diminished in value; or (5) has been commingled with other property.

Sets forth procedures for the seizure of property subject to forfeiture.

Sets forth procedures and rules for the disposition of forfeited property (first making due provision for the rights of any innocent persons).