Asset recovery

Summary

The aim of asset recovery is to utilize the Proceeds of Crime Act 2002 (POCA) to disrupt crime and diminish the adverse effects on communities. This practice ensures that criminal activities do not financially benefit individuals by seizing and confiscating illicitly acquired assets such as cash, property, vehicles, and high-value goods. Revenue generated from asset recovery is allocated back to law enforcement agencies to promote further asset recovery efforts and contribute to crime reduction.

Key principles

• 1Asset recovery seeks to disrupt crime and reduce harm to communities.
• 2Utilizes the Proceeds of Crime Act 2002 for effective asset confiscation.
• 3Seizing assets makes sure crime does not pay.
• 4Revenue from asset recovery supports law enforcement efforts.

Defined terms

Proceeds of Crime Act 2002 (POCA)

Legislation designed to combat crime by seizing assets obtained through criminal activity.

Cash seizure

The process of confiscating cash or monetary instruments suspected to be proceeds of crime.

Confiscation

The legal process to retrieve assets believed to have been acquired through criminal activity.

Civil recovery

The process of recovering assets through civil courts, without necessitating a criminal conviction.

Tax

Recovering taxes on criminal earnings identified and assessed for taxation.