Home  Wealth Building Proceeds Of Crime Act Can Hurt The Innocent
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Proceeds Of Crime Act Can Hurt The Innocent |
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Written by MilrikaEkilski
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Sunday, 10 January 2010 |
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The Proceeds of Crime Act was established in 2003 to ensure that the neighbourhoods that have suffered a great deal of criminal activity end up being reimbursed, so to speak. There are laws that prevent anyone from profiting from illegal activity, and anything deemed as a product of illegal gains will be confiscated and redirected to the communities that need them. This includes those who deal drugs, commit fraud, and anyone suspected to be involved in illegal crimes for money.
by MilrikaEkilski
The Proceeds of Crime Act was established in 2003 to ensure that the neighbourhoods that have suffered a great deal of criminal activity end up being reimbursed, so to speak. There are laws that prevent anyone from profiting from illegal activity, and anything deemed as a product of illegal gains will be confiscated and redirected to the communities that need them. This includes those who deal drugs, commit fraud, and anyone suspected to be involved in illegal crimes for money.
Assets are not just limited to cash. Homes, boats, jewelry, cars and even clothing can be taken if a judge deems that any of those things were gotten through illegal proceeds of a crime.
The maximum amount of money that can be allotted in a year is approximately 17m. If there is additional money at the end of the year, it is then allotted to the Treasury of the UK.
This idea can easily be a big hit. Since profiting from crime is something that can increase criminal activity, taking away the funds that were gained acts as a natural deterrent. Moreover, the effected neighbourhoods are more likely to develop programs that help prevent crime when they are properly funded. The one serious issue with this whole idea is that innocent people can and have been thought to be committing illegal acts. There is no need for trial or proof of crime, just a simple order from a judge.
Trials can be many months away from the time of accusation. An innocent individual who has had their funds frozen and are unable to pay their bills through legal means end up in dire situations. The laws were designed for criminal activity but have a strong impact on those who have never been proven to have committed any crime at all.
In the effort to save time and money, many criminal cases are resolved outside of a courtroom. If they are, the opportunity to seize any assets is decreased. Taking a criminal's assets will make it harder for them to continue with their illegal activities, finance their attorney fees and court costs and it will just create a hardship for them overall. The issue then becomes that it also restricts an innocent individual to prove their innocence. This rock and hard place is not a spot that is enviable, but is preventable.
While there have been few reported cases of innocent individuals falling under the confines of the Proceeds of Crime Act, one has to ask themselves if there is a better way to protect the innocent under such circumstances. Mistakes are made and there is no way to guarantee that more mistakes won't occur. In the end, the funding in the neighbourhoods of high crime is making a huge positive impact on these areas.
About the Author:
Business valuations and forensic accounting and services related to commercial disputes are specialised services available at financial firms. If you need to know more about proceeds of crime why not visit the BTG Forensics website for details on how the cases are dealt and who might need it.
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