Paragraph 10Z7DJ Application of forfeited converted cryptoassetsF1

(1)

Converted cryptoassets detained under paragraph 10Z7DD and forfeited under paragraph 10Z7DG, and any accrued interest on them, must be applied as follows—

(a)

first, they must be applied in making any payment of reasonable expenses incurred by an authorised officer in connection with the safe storage of the cryptoassets mentioned in paragraph 10Z7DD (1) during the period the cryptoassets were detained under Part 4BA;

(b)

second, they must be applied in making any payment of reasonable expenses incurred by an authorised officer in connection with the conversion of those cryptoassets under paragraph 10Z7DA (6);

(c)

third, they must be applied in making any payment of reasonable expenses incurred by an authorised officer in connection with the detention of the converted cryptoassets under this Part;

(d)

fourth, they must be paid—

(i)

if forfeited by a magistrates’ court in England and Wales or Northern Ireland, into the Consolidated Fund, and

(ii)

if forfeited by the sheriff, into the Scottish Consolidated Fund.

(2)

Converted cryptoassets detained under paragraph 10Z7DE and forfeited under paragraph 10Z7DG, and any accrued interest on them, must be applied as follows—

(a)

first, they must be applied in making any payment of reasonable expenses incurred by an authorised officer in connection with the detention of the converted cryptoassets under this Part;

(b)

second, they must be paid—

(i)

if forfeited by a magistrates’ court in England and Wales or Northern Ireland, into the Consolidated Fund, and

(ii)

if forfeited by the sheriff, into the Scottish Consolidated Fund.

(3)

But converted cryptoassets are not to be applied or paid under sub-paragraph (1) or (2)—

(a)

before the end of the period within which an appeal under paragraph 10Z7DH may be made, or

(b)

if a person appeals under that paragraph, before the appeal is determined or otherwise disposed of.

Annotations

Textual amendments

F1: Sch. 1 Pts. 4BA-4BD inserted (26.10.2023 for specified purposes, 26.4.2024 in so far as not already in force) by Economic Crime and Corporate Transparency Act 2023 (c. 56), s. 219(1)(2)(b), Sch. 10 para. 2; S.I. 2024/269, reg. 4(c)

Notes on Schedule 1

Textual amendments

F1: Word in Sch. 1 heading substituted (27.4.2017 for specified purposes, 31.1.2018 in so far as not already in force) by Criminal Finances Act 2017 (c. 22), s. 58(5)(6), Sch. 5 para. 16(2); S.I. 2018/78, reg. 5(1)(c)