The Proceeds of Crime Act 2002 allows for confiscation orders to be made to seize cash and other assets gained through the profits of crime. However, over the years it has been the target of criticism, with prosecutors claiming it allows criminals to get away without repaying what they stole.
“For too long, the authorities have been unable to retrieve the ill-gotten gains of organised crime and criminals, finding themselves hamstrung by loopholes in the system,” said the Chair of the Committee, Rt Hon Keith Vaz MP.
“It is high time that we stop ‘Mr Bigs’ benefiting from their victims.”
Any changes to the Proceeds of Crime Act (POCA) will have a direct effect on the work of forensic accountants, who have to operate within the act when working on a proceeds of crime case.
Under the terms of POCA, the court must decide whether the defendant has a criminal lifestyle and, if so, it is permitted to largely assume that any income received and property held have been derived from general criminal activities.
The role of Frenkels Forensics is to analyse and untangle large sets of data to show what assets or money have been amassed through perfectly legal channels and which come through illegal gains. The experts at Frenkels Forensics then produce a clear, detailed and evidence-based report for court, which ensures only the correct amount is repaid during a proceeds of crime case.
For expert help in a criminal case involving proceeds of crime or any other type financial dispute contact Frenkels Forensics for an independent appraisal.
We can help assist individuals, companies, lawyers, barristers and accountants in conducting a full investigation into accounts to ensure a fair settlement for the prosecution or defendant.
By Vitek Frenkel – find me via Google+.