Part 5

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

Conversion of cryptoassets

Forfeiture

Application of forfeited converted cryptoassets
303Z62
1
Converted cryptoassets detained under section
303Z57
and forfeited under section
303Z60
, and any accrued interest on them, must be applied as follows—
a
first, they must be applied in making any payment of reasonable expenses incurred by an enforcement officer in connection with the safe storage of the cryptoassets mentioned in section
303Z57
(1)
during the period the cryptoassets were detained under Chapter 3C;
b
second, they must be applied in making any payment of reasonable expenses incurred by an enforcement officer in connection with the conversion of those cryptoassets under section
303Z54
(6)
;
c
third, they must be applied in making any payment of reasonable expenses incurred by an enforcement officer in connection with the detention of the converted cryptoassets under this Chapter;
d
fourth, they must be paid—
i
if forfeited by a magistrates’ court in England and Wales or Northern Ireland, into the Consolidated Fund, and
ii
if forfeited by the sheriff, into the Scottish Consolidated Fund.
2
Converted cryptoassets detained under section
303Z58
and forfeited under section
303Z60
, and any accrued interest on them, must be applied as follows—
a
first, they must be applied in making any payment of reasonable expenses incurred by an enforcement officer in connection with the detention of the converted cryptoassets under this Chapter;
b
second, they must be paid—
i
if forfeited by a magistrates’ court in England and Wales or Northern Ireland, into the Consolidated Fund, and
ii
if forfeited by the sheriff, into the Scottish Consolidated Fund.
3
But converted cryptoassets are not to be applied or paid under subsection
(1)
or
(2)
—
a
before the end of the period within which an appeal under section
303Z61
may be made, or
b
if a person appeals under that section, before the appeal is determined or otherwise disposed of.
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