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10 January 2025 / Ashley Fairbrother , Joe Nahal-Macdonald , Sarah Wood
Issue: 8099 / Categories: Features , Criminal , Crypto , Fraud , Technology
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Burn-and-remint: a new tool in cryptoasset recovery?

202615
Could a bold interpretation of the new powers contained in Part 5 of the Proceeds of Crime Act 2002 provide a silver bullet for law enforcement? Ashley Fairbrother, Joe Nahal-Macdonald & Sarah Wood set out the case
  • This article considers the new powers contained within Pt 5 of the Proceeds of Crime Act 2002, and whether UK law enforcement should harness the cryptocurrency Tether’s ‘burn-and-remint’ mechanism to help victims to recover stolen assets.
  • The authors consider that the criteria to be satisfied in order for these new powers to be used are met, and moreover that there is likely to be a willingness by both law enforcement and the courts to adopt a purposive interpretation to these powers.

With effect from 26 April 2024, the Economic Crime and Corporate Transparency Act 2023 introduced new powers into Pt 5 of the Proceeds of Crime Act 2002 (POCA 2002) providing for the seizure, detention, freezing and forfeiture of cryptoassets and related items. These

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MOVERS & SHAKERS

Keystone Law—Milena Szuniewicz-Wenzel & Ian Hopkinson

Keystone Law—Milena Szuniewicz-Wenzel & Ian Hopkinson

International arbitration team strengthened by double partner hire

Coodes Solicitors—Pam Johns, Rachel Pearce & Bradley Kaine

Coodes Solicitors—Pam Johns, Rachel Pearce & Bradley Kaine

Firm celebrates trio holding senior regional law society and junior lawyers division roles

Michelman Robinson—Sukhi Kaler

Michelman Robinson—Sukhi Kaler

Partner joins commercial and business litigation team in London

NEWS
The government has pledged to ‘move fast’ to protect children from harm caused by artificial intelligence (AI) chatbots, and could impose limits on social media as early as the summer
All eyes will be on the Court of Appeal (or its YouTube livestream) next week as it sits to consider the controversial Mazur judgment
An NHS Foundation Trust breached a consultant’s contract by delegating an investigation into his knowledge of nurse Lucy Letby’s case
Draft guidance for schools on how to support gender-questioning pupils provides ‘more clarity’, but headteachers may still need legal advice, an education lawyer has said
Litigation funder Innsworth Capital, which funded behemoth opt-out action Merricks v Mastercard, can bring a judicial review, the High Court ruled last week
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