The Criminal Finances Act 2017 and Economic Crime and Corporate Transparency Act 2023 (Consequential Amendments) Regulations 2024

Amendments to the Proceeds of Crime Act 2002

2.—(1) The Proceeds of Crime Act 2002(1) is amended as follows.

(2) In subsection (3) of section 341 (investigations)(2), after paragraph (d) omit “or” and after paragraph (e) insert ““, or

(f) property detained under Chapter 3C or 3F of Part 5 or property held in an account in relation to which a crypto wallet freezing order made under section 303Z37 has effect.”.

(3) In section 352 (search and seizure warrants)(3)—

(a) in subsection (3)(c), after “(7B)” insert “, (7C), (7D), (7E), (7F), (7G), (7H)”;

(b) in subsection (5), after paragraph (cb) insert—

“(cc) a constable, an SFO officer, an accredited financial investigator or an officer of Revenue and Customs, if the warrant is sought for the purposes of a cryptoasset investigation;”;

(c) in subsection (7), for “and (cb)” substitute “, (cb) and (cc)”.

(4) In section 353 (requirements where production order not available)(4)—

(a) in subsection (5)(a), after “(7F),” insert “(7G), (7H),”;

(b) after subsection (7F) insert—

“(7G) In the case of a cryptoasset investigation into the derivation of cryptoassets or converted cryptoassets, material falls within this subsection if it cannot be identified at the time of the application but it—

(a) relates to the property specified in the application, the question whether the property, or a part of it, is recoverable property or any other question as to its derivation, and

(b) is likely to be of substantial value (whether or not by itself) to the investigation for the purposes of which the warrant is sought.

(7H) In the case of a cryptoasset investigation into the intended use of cryptoassets or converted cryptoassets, material falls within this subsection if it cannot be identified at the time of the application but it—

(a) relates to property specified in the application or the question whether the property, or a part of it, is intended by any person to be used in unlawful conduct, and

(b) is likely to be of substantial value (whether or not by itself) to the investigation for the purposes of which the warrant is sought.”;

(c) in subsection (10), after paragraph (cb) insert—

“(cc) a constable, an SFO officer, an accredited financial investigator or an officer of Revenue and Customs, if the warrant is sought for the purposes of a cryptoasset investigation;”;

(d) in subsection (11), for “and (cb)” substitute “, (cb) and (cc)”.

(5) In subsection (2) of section 387 (search warrants)(5), for “or a frozen funds investigation,” substitute “, a frozen funds investigation or a cryptoasset investigation,”.

(6) In section 388 (requirements where production order not available)(6)—

(a) in subsection (5)(a), after “(7F)” insert “, (7G), (7H)”;

(b) after subsection (7F) insert—

“(7G) In the case of a cryptoasset investigation into the derivation of cryptoassets or converted cryptoassets, material falls within this subsection if it cannot be identified at the time of the application but it—

(a) relates to the property specified in the application, the question whether the property, or a part of it, is recoverable property or any other question as to its derivation, and

(b) is likely to be of substantial value (whether or not by itself) to the investigation for the purposes of which the warrant is sought.

(7H) In the case of a cryptoasset investigation into the intended use of cryptoassets or converted cryptoassets, material falls within this subsection if it cannot be identified at the time of the application but it—

(a) relates to property specified in the application or the question whether the property, or a part of it, is intended by any person to be used in unlawful conduct, and

(b) is likely to be of substantial value (whether or not by itself) to the investigation for the purposes of which the warrant is sought.”.

(1)

2002 c. 29.

(2)

Subsection (3) was substituted by paragraph 2 of Schedule 19 to the Crime and Courts Act 2013 (c. 22) and amended by paragraph 39 of Schedule 5 to the Criminal Finances Act 2017 (c. 22).

(3)

Subsection (3) was amended by paragraph 7 of Schedule 10 to the Serious Crime Act 2007 (c. 27). Subsection (5) was amended by paragraph 7 of Schedule 10 to the Serious Crime Act 2007, paragraph 10 of Schedule 19 to the Coroners and Justice Act 2009 (c. 25) and paragraph 47 of Schedule 5 to the Criminal Finances Act 2017. Subsection (7) was amended by paragraph 47 of Schedule 5 to the Criminal Finances Act 2017. There are other amendments to section 352 which are not relevant.

(4)

Subsection (5)(a) was amended by paragraph 11 of Schedule 19 to the Coroners and Justice Act 2009 (which also inserted subsection (8A) into section 353) and paragraph 48 of Schedule 5 to the Criminal Finances Act 2017 (which also inserted subsection (7F) into section 353). Subsection (10) was amended by paragraph 8 of Schedule 10 to the Serious Crime Act 2007, paragraph 11 of Schedule 19 to the Coroners and Justice Act 2009 and paragraph 48 of Schedule 5 to the Criminal Finances Act 2017. There are other amendments to section 353 which are not relevant.

(5)

Subsection (2) was amended by paragraph 64 of Schedule 5 to the Criminal Finances Act 2017. There are other amendments to section 387 which are not relevant.

(6)

Subsection (5)(a) was amended by, and subsection (7F) inserted by, paragraph 65 of Schedule 5 to the Criminal Finances Act 2017. There are other amendments to section 388 which are not relevant.