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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