Bitcoin Forum

SCHEDULE 8
Cryptoassets: confiscation orders
PART 1
England and Wales
Introductory
1Part 2 of the Proceeds of Crime Act 2002 (confiscation: England and Wales) is amended as follows.
Seizure of property
2In section 47B (conditions for exercise of seizure powers)—
(a)in subsection (2), omit paragraph (b);
(b)in subsection (3), omit paragraph (b).
3(1)Section 47C (power to seize property) is amended as follows.
(2)In subsection (2), after “not” insert “under subsection (1)”.
(3)After subsection (5) insert—
“(5A)On being satisfied as mentioned in section 47B(1) an appropriate officer may seize any free property if the officer has reasonable grounds for suspecting that it is a cryptoasset-related item.
(5B)A “cryptoasset-related item” is an item of property that is, or that contains or gives access to information that is, likely to assist in the seizure under subsection (1) of any cryptoasset.
(5C)The circumstances in which a cryptoasset is “seized” for the purposes of subsection (1) include circumstances in which it is transferred into a crypto wallet controlled by the appropriate officer.
(5D)If an appropriate officer is lawfully on any premises, the officer may, for the purpose of—
(a)determining whether any property is a cryptoasset-related item, or
(b)enabling or facilitating the seizure under subsection (1) of any cryptoasset,require any information which is stored in any electronic form and accessible from the premises to be produced in a form in which it can be taken away and in which it is visible and legible, or from which it can readily be produced in a visible and legible form.
(5E)But subsection (5D) does not authorise an appropriate officer to require a person to produce information which the person would be entitled to refuse to provide on grounds of legal professional privilege in proceedings in the High Court.
(5F)Where an appropriate officer has seized a cryptoasset-related item under subsection (5A), they may use any information obtained from it for the purpose of—
(a)identifying or gaining access to a crypto wallet, and
(b)by doing so, enabling or facilitating the seizure under subsection (1) of any cryptoassets.”
4In section 47R (release of property), in subsection (3)(b), at the end insert “or (5A)”.

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