Part 1 of these Regulations sets out how a senior officer must give an account forfeiture notice under section 303Z9 of the Proceeds of Crime Act 2002 (c. 29) (“the Act”). An account forfeiture notice relates to money in a bank account or a building society account in respect of which there is a reasonable suspicion that it is the proceeds of crime, or is intended to be used in unlawful conduct, and in respect of which an account freezing order under section 303Z3 of the Act has been made. An account forfeiture notice informs the recipient of the senior officer’s intention to forfeit the money without a hearing before a magistrates’ court (“administrative forfeiture”). The provisions for administrative forfeiture do not apply in Scotland, and are not being commenced in Northern Ireland at this time.
Link: The Proceeds of Crime Act 2002 (Administrative Forfeiture Notices) (England and Wales and Northern Ireland) Regulations 2017
Source: Legislation .gov.uk
