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Recovery of Proceeds of Crime Act (2024 Revision)
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Part 1 - General
The Proceeds of Crime Act (2024 Revision) is a comprehensive legislation aimed at combating money laundering, terrorist financing, and other serious crimes. This act provides a framework for the recovery of proceeds of crime, including cash, property, and other assets.
Section 82 - Other Exemptions
The following exemptions shall apply:
- Any person who is the beneficial owner of any property or asset that is subject to an interim order, restraint order, or disposal dealt with by a trustee;
- Any person who is the holder of a financial institution account that is subject to an account monitoring order.
Section 108 - Compensation
The court may, in its discretion, award compensation to any person who has suffered loss or damage as a result of any act or omission committed in connection with the commission of an offence under this Act.
Section 156 - Search and Seizure Warrants
A search and seizure warrant may be issued by a court if there are reasonable grounds for believing that there is on the premises to be searched, any property that is the subject of an interim order, restraint order or disposal dealt with by a trustee.
Part 7 - Insolvency, Etc.
The act provides for the treatment of insolvency practitioners and the winding up of companies holding realisable property.
Section 184 - Winding Up of Company Holding Realisiable Property
A company that is wound up in accordance with this section shall be treated as if it had been dissolved by a court order.
Part 8 - Co-operation
The act provides for the co-operation between jurisdictions and the registration of external confiscation orders.
Section 187 - External Requests and Orders
A request or order made under this Act may be executed in any part of the world where it is possible to do so, and the execution of such a request or order shall have the same effect as if it had been made by a court in that jurisdiction.
Contact Us
For more information on the Proceeds of Crime Act (2024 Revision) or to report any suspicious activity, please contact our dedicated team at [insert contact information].