CONFISCATION PROCEEDINGS IN 2023; HAS THE PROCESS CHANGED? ABV SOLICITORS Most people have seen it in a movie about gangsters or somewhat illegal activity surrounding a business. The IRS or HMRC do some digging, as do the police, and suddenly the company is being raided, and their accounts are being dug into to try and ascertain where all the money came from. This is usually with the intention of finding that it came from criminal activity, such as stock manipulation, money laundering, or even selling drugs. So, if you have a business in the UK and you find that you are going to be investigated, with the intention of confiscation proceedings occurring, you will need to hire legal help as a first step. Usually, a criminal and a fraud solicitor working together is the best option to defend you, as they will know the laws surrounding confiscation proceedings and will be able to offer you legal counsel. However, the entire process is a bit jarring, so what can you expect to happen? Here, a fraud solicitor breaks it down. Firstly, it's important to define what confiscation proceedings are. Confiscation proceedings in the UK are legal actions taken by authorities like the police or HMRC to seize assets and property from individuals who have been convicted of certain criminal offences, particularly those related to financial crimes like fraud or money laundering. The main purpose of confiscation proceedings is to deprive offenders of the financial benefits that they have gained from their criminal activities. These proceedings are typically initiated after a person has been found guilty of a crime that falls under the Proceeds of Crime Act 2002 (POCA). These crimes include drug trafficking, fraud, money laundering, and other serious offences. The legislation aims to ensure that individuals do not profit from their illegal activities and to deter others from engaging in criminal behaviour. A fraud solicitor will state that if you have been found guilty of committing a crime like money laundering, you need to expect that there will be quite an intense look into your assets. It's important to note that confiscation proceedings are not meant to be punitive in nature, but rather aim to remove the financial gains derived from criminal activities. The funds recovered through these proceedings are typically used to compensate victims and contribute to public funds. So, here is a typical breakdown of what may happen. Defining confiscation proceedings What happens during confiscation proceedings? You must first be convicted of a relevant offence before confiscation proceedings can commence. The best way, of course, to minimise the penalties set down by a conviction is to hire a fraud solicitor to defend you. Conviction Following the conviction, the court can issue a Confiscation Order, which determines the amount that you must pay and specifies the assets that may be seized. The order is based on an assessment of the offender's criminal benefit, which is the financial gain obtained through criminal conduct. Again, a fraud solicitor can help here, but if the criminal benefit is large, then you must expect there to be a lot of seized assets. Confiscation order A financial investigation is conducted to identify the offender's assets, both within the UK and internationally. This includes bank accounts, properties, vehicles, investments, and any other assets that may be considered part of the criminal benefit. It is important that you are 100% honest with both the authorities and your criminal solicitor here, as if it is discovered that you are intentionally withholding assets, it will not be likely to end well for you legally. Financial investigation This is issued to prevent the dissipation of assets during the proceedings. When a restraint order is issued, it freezes the defendant's assets, prohibiting their disposal or transfer without the court's permission. Of course, if you need money to survive, your fraud solicitor will be able to liaise with the courts to get you access to a portion of the money that you have in the bank. Restraint order A confiscation hearing is held to determine the final amount that you must pay. The court considers the evidence presented during the financial investigation and may also take into account the offender's available assets and ability to pay. Again, a fraud solicitor will be able to ensure that you will have money to live on, so you won't be made destitute. Confiscation hearing Payment Once the confiscation order is issued, you will be given a deadline to pay the specified amount. Remember that failure to pay can result in additional penalties, such as imprisonment, so make sure you have a fraud solicitor who can make sure that you adhere to the payment schedule. https://www.abvsolicitors.co.uk/services/fraud-solicitor/ https://www.cps.gov.uk/legal-guidance/proceeds-crime https://rm.coe.int/the-use-of-non-conviction-based-seizure-and- confiscation-2020/1680a0b9d3