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01 December 2023 / Nicholas Yeo , Ryan Dowding
Issue: 8051 / Categories: Features , Fraud
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Help for victims under POCA 2002: Better late than never?

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Nicholas Yeo & Ryan Dowding discuss provisions for victims & true owners to chase frozen & forfeited funds
  • Covers the new victim and third-party provisions introduced by the Economic Crime and Corporate Transparency Act 2023, which inserts s 303Z17A into POCA 2002.
  • These permit, for the first time, victims and true owners to seek the release of their funds which have been made the subject of account freezing and forfeiture proceedings.

Inconspicuously tucked away among provisions of the Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023) that have received far greater publicity, and under the unilluminating heading of ‘Consequential and other amendments’, lies a provision with profound implications for the disposal of account freezing and forfeiture proceedings under Pt 5 of the Proceeds of Crime Act 2002 (POCA 2002). Paragraph 6(4) of Sch 9 to ECCTA 2023 (which received royal assent on 26 October 2023) inserts the pithily named s 303Z17A into POCA 2002, to permit, for the first time, victims and true owners to seek the release of their funds which

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