EXPLANATORY NOTE
(This note is not part of the Order)
This Order brings into operation two revised codes of practice and one new code of practice issued by the Department of Justice under the Proceeds of Crime Act 2002 (c.29) (“the Act”).
They are necessitated by certain amendments made to the Act by the Economic Crime and Corporate Transparency Act 2023 (c.56) (“the 2023 Act”). The amendments made by the 2023 Act concern cryptoassets.
Articles 2 and 3 bring into operation, on 17th July 2024:
a revised code of practice relating to the powers of certain officers under Part 2 of the Act to search for, seize and detain property, including cryptoassets and related items;
a revised code of practice relating to the investigation powers of certain officers under Chapter 2 of Part 8 of the Act, including cryptoassets and related items; and
a new code of practice relating to the powers of certain officers under Part 5 of the Act to search for, seize and detain cryptoassets and related items.
Article 4 revokes two previous Orders which brought into force two codes of practice in 2021.
A full impact assessment has not been produced for this order as there is no or minimal impact on the business, charities or voluntary bodies. A copy of the Explanatory Memorandum is published alongside the Order on www.legislation.gov.uk.