Under the Proceeds of Crime Act goods of criminals are seized and sold to raise funds
This is usually carried out by authorised auction houses within geographical areas of the criminals. The auction of such property is proof that the extensive powers under the Proceeds of Crime Act work in taking the profit out of crime.
The net proceeds after existing liabilities are met, will be recycled into the fight against crime.
People can no longer profit from crime and the publics concerns are being acted upon. There will be no hiding place for their ill-gotten gains. This is part of a continual stream of assets currently being taken out of the hands of criminals, sold and the proceeds used for the benefit of everyone in the community.
1. The Proceeds of Crime Act 2002 created the Assets Recovery Agency and provided completely new powers to allow ARA to seek civil recovery of the proceeds of unlawful activity by an action in the High Court. The Agency can also issue tax assessments where there are reasonable grounds to suspect that there is taxable income, gain or profit from criminal conduct.
2. On 31 October 2007, the Serious Crime Bill received Royal Assent. The new Act will merge the operational elements of the Assets Recovery Agency (ARA) with the Serious Organised Crime Agency (SOCA), and the training and accreditation functions with the National Policing Improvement Agency (NPIA). It will also extend to certain prosecutors the power to launch civil recovery action under the Proceeds of Crime Act 2002. Until then ARA will continue to operate as before and use its powers to the full in proceeding to complete existing cases and adopt new cases for future action.
Auction details of these assets will be included in gauk Auctions database and Newsletter.