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Issue:
4885
/
Categories:
Comment & Analysis
, Fraud
, HMRC
, POCA 2002
, Budget/Finance Act
, Investigations
Proceeds of Crime Act: 21 years later
Key points
- Tax fraud costs the government an estimated £5.2bn in expected revenues for the tax year 2020-21.
- The introduction of Proceeds of Crime Act (POCA) 2002 consolidated what had previously been a fragmented legislative landscape.
- POCA was supplemented by new powers to recover the suspected proceeds of crime by civil means.
- HMRC’s Fraud Investigation Service is the main area of HMRC where POCA powers are used recovering more than £1bn since 2016.
- The money used to pay confiscation orders now does not have to come from assets linked to the criminal conduct itself.
- The Criminal Finances Act 2017 introduced several new powers including account freezing orders and seizure of certain types of high-value assets such as watches gold and jewellery.
- The new Economic Crime and Corporate Transparency Bill includes provisions to allow for the civil seizure of virtual assets such as cryptocurrencies or non-fungible tokens...
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