OpenLegislation

Section 303Z62 Application of forfeited converted cryptoassetsF1

(1)

Converted cryptoassets detained under section 303Z57 and forfeited under section 303Z60, 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 enforcement officer in connection with the safe storage of the cryptoassets mentioned in section 303Z57(1) during the period the cryptoassets were detained under Chapter 3C;

(b)

second, they must be applied in making any payment of reasonable expenses incurred by an enforcement officer in connection with the conversion of those cryptoassets under section 303Z54(6);

(c)

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

(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 section 303Z58 and forfeited under section 303Z60, 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 enforcement officer in connection with the detention of the converted cryptoassets under this Chapter;

(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 subsection (1) or (2)—

(a)

before the end of the period within which an appeal under section 303Z61 may be made, or

(b)

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

Annotations

Textual amendments

F1

Pt. 5 Chs. 3C-3F inserted (26.10.2023 for specified purposes, 26.4.2024 for S. for specified purposes, 26.4.2024 for E.W.N.I. in so far as not already in force, 7.11.2024 for S. in so far as not already in force) by Economic Crime and Corporate Transparency Act 2023 (c. 56), s. 219(1)(2)(b)(c), Sch. 9 para. 1; S.I. 2024/269, reg. 4(b)(i)(ii); S.I. 2024/1108, reg. 2