August EWJ 24 - Flipbook - Page 51
“Can I get my Rolex back?” the Seizure and Forfeiture of
Listed Assets
In this article, I concentrate on what a solicitor faced with a client with a Listed Asset enquiry
should be considering.
Listed Assets: Code of Practice) Regulations 2021, see
para 7.6:
Introduction
Many criminal defence solicitors will be very familiar
with cash detention orders and Account Freezing Orders made by the magistrates’ court under Part 5 of
the Proceeds of Crime Act 2002 (‘POCA’).
The Code was introduced in 2018 following the creation of
new powers brought in by section 15 of the CFA to search
(303C of POCA), to seize (section 303J of POCA) and forfeit (section 303O of POCA) listed types of personal or moveable property (“listed assets”) that are suspected to be the
proceeds of unlawful conduct or intended for use in such conduct. These new powers were introduced in response to criminals’ resourcefulness in using any means of holding and
moving illicit funds. A description of the contents of the code is
available in the explanatory memorandum to the Proceeds of
Crime Act (Recovery of Listed Assets: Code of Practice) Order
2018 (SI 2018/85) [n.b. this is now replaced by the 2021
Regulations].
Part 5 just keeps growing. First it was cash forfeiture
in the magistrates’ court and ‘Recovery Orders’ in the
High Court. Then the magistrates’ court civil jurisdiction expanded to add bank accounts containing
suspected funds (from 31st January 2018) and suspicious ‘listed assets’ from 16th April 2018 (insertions to
POCA under the Criminal Finances Act 2017). Finally
(or not), the magistrates court will be able to make Forfeiture Orders against cryptoassets under S303Z41,
added by the Economic Crime and Corporate Transparency
Act 2023 once regulations are published.
The assets which may be seized by law enforcement
personnel under the Act are listed under s303B – thus
‘listed asset’. They are:
1. Precious metals;
2. Precious stones;
3. Watches;
4. Artistic works;
5. Face-value vouchers;
6. Postage stamps.
There is a minimum value requirement of £1,000.
The value of multiple assets may be aggregated[2].
Law enforcement personnel are using the powers extensively under the Listed Assets Regime. A total of
3,500 Forfeiture Orders were recovered in the financial year 2022 to 2023. Of these, 2,600 orders (74%)
were cash seizures, 820 orders (24%) were Account
Freezing Orders (“AFOs”), and 70 orders (2%) were
Listed Asset Orders (‘LAOs’)[1].
What is a Listed Asset?
An important consideration is that the Listed Asset
regime in POCA is just a ‘bolt on’ to the already established civil procedures for cash and bank accounts.
The aim of the new regime is set out in the Explanatory Memorandum to the POCA 2002 (Recovery of
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When case a Listed Asset be seized?
As an example, take a situation where an individual’s
home has been searched and his Rolex watch has
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