Proceeds of Crime Bill moves to Lords

The Proceeds of Crime Bill was placed before the House of Lords for its second reading on 25 March. It arrived “in fairly good shape” according to Lord Rooker, after 115 hours of debate in the lower house. Running to 304 pages, 454 clauses and nine schedules, the bill will consolidate existing UK money laundering legislation. It introduces, inter alia , an objective test for suspicion, civil confiscation of criminal assets by an Asset Recovery Agency (ARA), whose Director will also exercise taxation functions, and increased investigation and account monitoring powers for the police. If passed, the Director of ARA will also be able to apply to the High Court for an interim freezing order at the outset of an investigation.