Tucked within the Economic Crime and Corporate Transparency Act 2023 is a provision with ‘profound implications’ for victims of crime, Nicholas Yeo and Ryan Dowding, both barristers at 3 Raymond Building, write in this week’s NLJ
The ‘pithily named’ section 303Z17A is inserted into the Proceeds of Crime Act 2002, permitting, ‘for the first time, victims and true owners to seek the release of their funds which have been made the subject of account freezing and forfeiture’.
Yeo and Dowding take an in-depth look at section 303Z17A, highlighting its scope, application and potential. They note the increasing role of the magistrates’ courts in account freezing and forfeiture proceedings. They explain when section 303Z17A will apply and how an application may be made. However, they also note potential difficulties and complexities that may arise.
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