The Proceeds of Crime Act 2002 (References to Financial Investigators) (England and Wales and Northern Ireland) (Amendment) Order 2024

Explanatory Note

(This note is not part of the Order)

This Order amends Schedule 1 to the Proceeds of Crime Act 2002 (References to Financial Investigators) (England and Wales and Northern Ireland) Order 2021 (“the 2021 Order”). The Proceeds of Crime Act 2002 (c. 29) (“the 2002 Act”) provides that accredited financial investigators may, in specified circumstances, discharge powers or other functions which are granted to law enforcement officers (such as, for example, police constables or Serious Fraud Office officers).

Section 453 of the 2002 Act allows the Secretary of State to provide that references in specific provisions of the 2002 Act to accredited financial investigators are to be read as references to accredited financial investigators of particular descriptions set out by order. Those descriptions are set out in the 2021 Order.

This Order amends the 2021 Order to include staff working for the Cabinet Office (who will work for the Public Sector Fraud Authority) among the descriptions of accredited financial investigations in specified cases, and to extend the powers of staff of the Department for Work and Pensions, the Environment Agency, the Food Standards Agency and the Security Industry Authority. It also specifies which financial investigators are accredited for search, seizure, detention and forfeiture powers given in relation to cryptoassets by the Economic Crime and Corporate Transparency Act 2023.

A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sectors is foreseen.