Part 5

Civil recovery of the proceeds etc. of unlawful conduct
CHAPTER 3E

Forfeiture of cryptoassets following detention or freezing order

Forfeiture orders

Realisation or destruction of forfeited cryptoassets etc
303Z48
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.
This is subject to subsections
(3)
to
(5)
.
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.
Pt. 5 Chs. 3C-3F inserted (26.10.2023 for specified purposes, 26.4.2024 for S. for specified purposes, 26.4.2024 for E.W.N.I. in so far as not already in force, 7.11.2024 for S. in so far as not already in force) by Economic Crime and Corporate Transparency Act 2023 (c. 56), s. 219(1)(2)(b)(c), Sch. 9 para. 1; S.I. 2024/269, reg. 4(b)(i)(ii); S.I. 2024/1108, reg. 2
Pt. 5 Ch. 3E applied (with modifications) (26.4.2025) by S.I. 2005/3181, art. 213Z21 (as inserted by The Proceeds of Crime Act 2002 (External Investigations and External Orders and Requests) (Amendment) Order 2024 (S.I. 2024/1127), arts. 1(2), 14)