Freezing, leasing and timing

Playback

Reporting by Timon Molloy, Editor

Jane Earl had reason to be pleased when she addressed the Finance and Leasing Association’s (FLA) Financial Crime Conference in London last month. As the first Director of the Asset Recovery Agency (ARA), which has civil recovery powers to go after the proceeds of crime in England, Wales and Northern Ireland (separate institutional arrangements but similar powers apply in Scotland), she has guided the fledgling agency through a successful 18 months since inception. ARA’s inaugural Business Plan set a target of 50 cases to be handled and UK£10million in assets restrained in the first year. After 12 months, at 31 March 2004, UK£14.8 million of assets were frozen and 62 cases under investigation and by 15 November 2004, referrals from law enforcement numbered over 160 with litigation instituted in 40 cases and around UK£20million worth of property under restraint. Five cases have gone through the courts and orders made for UK£5.5million.