[F110W(1)This paragraph applies while an account freezing order has effect.U.K.
(2)A senior officer may give a notice for the purpose of forfeiting money held in the frozen account (whether all or part of the credit balance of the account) if satisfied that the money—
(a)is within subsection (1)(a) or (b) of section 1, or
(b)is property earmarked as terrorist property.
(3)A notice given under sub-paragraph (2) is referred to in this Part of this Schedule as an account forfeiture notice.
(4)An account forfeiture notice must—
(a)state the amount of money held in the frozen account which it is proposed be forfeited,
(b)confirm that the senior officer is satisfied as mentioned in sub-paragraph (2),
(c)specify a period for objecting to the proposed forfeiture and an address to which any objections must be sent, and
(d)explain that the money will be forfeited unless an objection is received at that address within the period for objecting.
(5)The period for objecting must be at least 30 days starting with the day after the notice is given.
(6)If no objection is made within the period for objecting, and the notice has not lapsed under paragraph 10Y—
(a)the amount of money stated in the notice is forfeited (subject to paragraph 10Z),
(b)the [F2relevant financial institution] with which the frozen account is maintained must transfer that amount of money into an interest-bearing account nominated by an enforcement officer, and
(c)immediately after the transfer has been made, the account freezing order made in relation to the frozen account ceases to have effect.
(7)An objection may be made by anyone (whether a recipient of the notice or not).
(8)An objection means a written objection sent to the address specified in the notice; and an objection is made when it is received at the address.
(9)An objection does not prevent forfeiture of the money held in the frozen account under paragraph 10Z2.]
Textual Amendments
F1Sch. 1 Pt. 4B inserted (27.4.2017 for specified purposes, 30.1.2018 for the insertion of Sch. 1 para. 10X so far as not already in force, 31.1.2018 in so far as not already in force) by Criminal Finances Act 2017 (c. 22), s. 58(1)(6), Sch. 4 para. 2; S.I. 2018/78, regs. 2(i), 3(dd)
F2Words in Sch. 1 para. 10W(6)(b) substituted (retrospectively) by Financial Services Act 2021 (c. 22), s. 33(2), Sch. 12 para. 6 (with s. 33(4))