Asset restraint, confiscation and recovery
Prosecutors are increasingly using their powers under the Proceeds of Crime Act 2002 to freeze the assets of those under criminal investigation and, following conviction, to apply to the courts to confiscate the assets of those convicted of receiving a financial benefit from crime.
The imposition of restraint orders is becoming the norm in investigations. An individual who is made subject to a restraint order is prohibited from dealing with or disposing of their assets, save with the express permission of the court. Restraint orders are frequently made at an early and pre-charge stage in an attempt by the authorities to ensure that assets are available to satisfy any confiscation order that may be made at the end of criminal proceedings. The freezing of assets can leave individuals without the resources to fund their defence and may also leave companies unable to trade.
Upon conviction, it is common practice for prosecutors to apply to the courts for a confiscation order to be made. Confiscation proceedings can involve a lengthy and obtrusive exploration of a defendant's financial circumstances and will often result in a defendant being ordered to pay significant sums to the court.
It is critical to have support from a team with experience in this complex and challenging area of law. The consequences for an individual facing restraint or confiscation under the Proceeds of Crime Act 2002 can be devastating. Courts have the power to impose a sentence of up to 10 years imprisonment in default for failure to pay the amount due under a confiscation order. This is in addition to any sentence that has been passed for the main offence.
Our team has experience of dealing with all aspects of confiscation and restraint. If you or your company have been made subject to a restraint order and have had assets frozen, our team can help you vary the terms of, or seek to discharge, the order to enable you to have access to your assets and/or allow your business to keeping trading. We can also provide representation during confiscation proceedings, to ensure that any confiscation order that may be made is kept to a minimum.
Cash Seizures
We are frequently involved in successfully opposing applications for forfeiture of cash seized under the Proceeds of Crime Act 2002.
This often involves the need for a delicate tactical approach when faced with parallel criminal and civil investigations. In our experience, these enquiries can range from the seizure of personal papers and effects, up to cash in excess of £1m. We also well placed to undertake consultation with the Criminal Taxation Unit of HMRC in respect of issues arising following seizures of those cases with tax-related issues.
More recently we have been instructed in a number of matters arising out of the Metropolitan Police Operation Rize series of raids and seizures.
To arrange a discussion with a regulatory solicitor click here or call us on 0800 840 4929.
