| The Proceeds of Crime Act. 14:22 - Jul 22 with 2289 views | BigKindo |
RAFCBLUE gave a lot of very interesting information on this subject. Can anybody clear up a question. If in the event that ,say, perhaps laundered monetary assets obtained from criminal activities are used to purchase other assets would the seller of 'the other assets' be considered to be a 'receiver' of the proceeds of crime and under a court order could have money, goods and chattels to the value of the sale confiscated. In addition are they also likely to lose the assets which they sold which in their own right which might have been disposed.
Caveat venditor. |  | | |  |
| The Proceeds of Crime Act. on 23:02 - Jul 26 with 1637 views | RAFCBLUE |
Sorry for the delay BigKindo.
I can't say it better than the Government and their agencies I'm afraid, so here you go:
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attac
The Proceeds of Crime Act 2002 (“POCA”) sets out the legislative scheme
for the recovery of criminal assets with criminal confiscation being the most commonly used power.
Confiscation occurs after a conviction has taken place. Other means of recovering the proceeds of crime which do not require a conviction are provided for in the Act, namely civil recovery, cash seizure and taxation powers.
The aim of the asset recovery schemes in POCA is to deny criminals the use of their assets, recover the proceeds of crime and disrupt and deter criminality.
Part 5 of POCA provides a scheme to reclaim the proceeds of crime
through civil proceedings. It permits the recovery of criminal assets where
no conviction has been possible, for example because individuals avoided
conviction by remaining remote from the commission of the crimes from
which they benefited or because they have fled.
Civil recovery applications are made in the High Court against property that is or represents property obtained through unlawful conduct. The relevant enforcement authority (that is, the Director of Public Prosecutions, the Director of the Serious Fraud Office and the Director of the National Crime Agency (NCA)) may make an application for a property freezing order to prohibit any person from dealing with the property.
In short - the Government authorities can claw back every penny and then some! |  |
| |
| The Proceeds of Crime Act. on 08:55 - Aug 19 with 1124 views | UpTheDaleNotForSale |
seems to be a fair amount of press interest this week - lots of queries coming in on social media, so giving these threads a bump. |  |
| Twitter : @DaleNotForSale
Facebook : facebook.com/upthedalenotforsale |
| |
| |
By continuing to use the site, you agree to our use of cookies and to abide by our Terms and Conditions.
