SCHEDULE 8 Cryptoassets: Confiscation Orders

Part 1 England and Wales

Economic Crime and Corporate Transparency Act 2023 (2023 c 56) | Legislation

Section 179 Part 1 England and Wales

Introductory

Part 2 of the Proceeds of Crime Act 2002 (confiscation: England and Wales) is amended as follows.

Seizure of property

In section 47B (conditions for exercise of seizure powers)—

(a) in subsection (2), omit paragraph (b);

(b) in subsection (3), omit paragraph (b).

(1) Section 47C (power to seize property) is amended as follows.

(2) In subsection (2), after “not” insert “under subsection (1)”.

(3) After subsection (5) insert—

“(5A) On being satisfied as mentioned in section 47B(1) an appropriate officer may seize any free property if the officer has reasonable grounds for suspecting that it is a cryptoasset-related item.

(5B) A “cryptoasset-related item” is an item of property that is, or that contains or gives access to information that is, likely to assist in the seizure under subsection (1) of any cryptoasset.

(5C) The circumstances in which a cryptoasset is “seized” for the purposes of subsection (1) include circumstances in which it is transferred into a crypto wallet controlled by the appropriate officer.

(5D) If an appropriate officer is lawfully on any premises, the officer may, for the purpose of—