# Economic Crime and Corporate Transparency Act 2023, Paragraph 8: Detention and release of property

Extent: E+W+S+N.I.

In section 47R (release of property), after subsection (5) insert—
“(6) If a cryptoasset-related item which has been released is not claimed within the period of a year beginning with the date on which it was released, the appropriate officer may—
(a) retain the item and deal with it as they see fit,
(b) dispose of the item, or
(c) destroy the item.
(7) The powers in subsection (6) may be exercised only—
(a) where the appropriate officer has taken reasonable steps to notify—
(i) the person from whom the item was seized, and
(ii) any other persons who the appropriate officer has reasonable grounds to believe have an interest in the item,
that the item has been released, and
(b) with the approval of a senior officer.
(8) “Senior officer” in subsection (7)(b) has the meaning given in section 47G(3).
(9) Any proceeds of a disposal of the item are to be paid into the Consolidated Fund.”

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Source: https://www.legislation.gov.uk/ukpga/2023/56/schedule/8/paragraph/8 (the official version)
Page: https://openlegislation.uk/economic-crime-and-corporate-transparency-act-2023/schedule-8/paragraph-8
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.