Economic Crime and Corporate Transparency Act 2023

Detention and release of property

7 (1) Section 47M (further detention in other cases) is amended as follows.

(2) In subsection (2)(b), omit “(within the meaning of section 47C(4))”.

(3) After subsection (2) insert—

“(2A) A magistrates’ court may by order extend the period for which the property may be detained under section 47J if satisfied that—

(a) any of the conditions in section 47B is met (reading references in that section to the officer as references to the court),

(b) the property is free property, and

(c) there are reasonable grounds for suspecting that the property is a cryptoasset-related item.

(2B) An order under subsection (2A) may not be made in respect of exempt property unless the court is satisfied that the person applying for the order is working diligently and expeditiously—

(a) to determine whether the property is a cryptoasset-related item, or

(b) if it has already been determined to be such an item, to seize any related cryptoassets under section 47C(1).

(2C) An order under subsection (2A) may not extend the period for which the property may be detained beyond the period of—

(a) six months beginning with the date of the order, or

(b) in the case of exempt property, 14 days beginning with that date.

This does not prevent the period from being further extended by another order under this section.

(2D) The period of 14 days referred to in subsection (2C)(b) is to be calculated in accordance with section 47H(7) (reading the reference there to 48 hours as a reference to 14 days).”

(4) In subsection (6), after “section” insert “—

• “exempt property” has the meaning given in section 47C(4) (reading references there to the defendant as references to the person by whom the property is held);”.