SCHEDULES
SCHEDULE 1Forfeiture of terrorist F1property
F2PART 4BDConversion of cryptoassets
Sch. 1 Pts. 4BA-4BD inserted (26.10.2023 for specified purposes) by Economic Crime and Corporate Transparency Act 2023 (c. 56), s. 219(1)(2)(b), Sch. 10 para. 2
10Z7DKVictims etc
1
This paragraph applies where converted cryptoassets are detained under this Part.
2
Where this paragraph applies, a person (“P”) who claims that the relevant cryptoassets belonged to P immediately before—
a
the relevant cryptoassets were seized, or
b
the crypto wallet freezing order was made in relation to the crypto wallet in which the relevant cryptoassets were held,
may apply to the relevant court for some or all of the converted cryptoassets to be released to P.
3
4
5
The condition in this sub-paragraph is that—
a
the applicant was deprived of the relevant cryptoassets, or of property which they represent, by criminal conduct,
b
the relevant cryptoassets the applicant was deprived of were not, immediately before the applicant was deprived of them, property obtained by or in return for criminal conduct and nor did they then represent such property, and
c
the relevant cryptoassets belonged to the applicant immediately before—
i
the relevant cryptoassets were seized, or
ii
the crypto wallet freezing order was made in relation to the crypto wallet in which the relevant cryptoassets were held.
6
7
This sub-paragraph applies where—
a
the applicant is not the person from whom the relevant cryptoassets were seized,
b
it appears to the relevant court that the relevant cryptoassets belonged to the applicant immediately before—
i
the relevant cryptoassets were seized, or
ii
the crypto wallet freezing order was made in relation to the crypto wallet in which the relevant cryptoassets were held,
c
the relevant court is satisfied that the release condition is met in relation to the converted cryptoassets, and
d
no objection to the making of an order under sub-paragraph (6) has been made by the person from whom the relevant cryptoassets were seized.
8
The release condition is met—
a
if the conditions in this Part for the detention of the converted cryptoassets are no longer met, or
b
in relation to converted cryptoassets which are subject to an application for forfeiture under paragraph 10Z7DG, if the court or sheriff decides not to make an order under that paragraph in relation to the converted cryptoassets.
9
If (in the United Kingdom or elsewhere) proceedings are started against any person for an offence with which the converted cryptoassets are connected, the converted cryptoassets are not to be released under this paragraph (and so are to continue to be detained) until the proceedings are concluded
10
Where sub-paragraph (2)(b) applies, references in this paragraph to a person from whom relevant cryptoassets were seized include a reference to a person by or for whom the crypto wallet mentioned in that provision was administered immediately before the crypto wallet freezing order was made in relation to the crypto wallet.
11
In this paragraph “the relevant cryptoassets” means—
Word in Sch. 1 heading substituted (27.4.2017 for specified purposes, 31.1.2018 in so far as not already in force) by Criminal Finances Act 2017 (c. 22), s. 58(5)(6), Sch. 5 para. 16(2); S.I. 2018/78, reg. 5(1)(c)