Part 5Civil recovery of the proceeds etc. of unlawful conduct
F1CHAPTER 3EForfeiture of cryptoassets following detention or freezing order
Forfeiture orders
303Z48Realisation or destruction of forfeited cryptoassets etc
(1)
This section applies where any cryptoasset or other item of property is forfeited under this Chapter.
(2)
An enforcement officer must—
(a)
realise the property, or
(b)
make arrangements for its realisation.
(3)
The property is not to be realised—
(a)
before the end of the period within which an appeal may be made (whether under section 303Z47 or otherwise), or
(b)
if an appeal is made within that period, before the appeal is determined or otherwise disposed of.
(4)
The realisation of property under subsection (2) must be carried out, so far as practicable, in the manner best calculated to maximise the amount obtained for the property.
(5)
Where an enforcement officer is satisfied that—
(a)
it is not reasonably practicable to realise any cryptoasset, or
(b)
there are reasonable grounds to believe that the realisation of any cryptoasset would be contrary to the public interest,
the enforcement officer may destroy the cryptoasset.
(6)
But—
(a)
the enforcement officer may destroy the cryptoasset only if the officer is a senior officer or is authorised to do so by a senior officer, and
(b)
the cryptoasset is not to be destroyed—
(i)
before the end of the period within which an appeal may be made (whether under section 303Z47 or otherwise), or
(ii)
if an appeal is made within that period, before the appeal is determined or otherwise disposed of.
(7)
The question of whether the realisation of the cryptoasset would be contrary to the public interest is to be determined with particular reference to how likely it is that the entry of the cryptoasset into general circulation would facilitate criminal conduct by any person.