Explanatory Notes

Proceeds of Crime Act 2002

2002 CHAPTER 29

24 July 2002

Commentary on Sections

Part 5: Civil Recovery of the Proceeds etc. of Unlawful Conduct

Chapter 4: General.Recoverable property
Interpretation
Section 314: Obtaining and disposing of property

441.‘Disposing’ of property is a key feature of the provisions at section 304 and 305, which deal with following and tracing property. Disposal of property may take place, for instance:

442.Subsection (4) is relevant to the protection provided at section 308(1) for persons who obtain property ‘for value’. It provides that a person obtains property ‘for value’ only when he has given executed consideration for it. That means that if someone obtains property in return for a promise to pay for it or to perform some service in exchange, that will not count as having ‘obtained for value’ until the payment is actually made or the service performed.