Since its inception in 2003 the Assets Recovery Agency has used its exclusive powers under the Proceeds of Crime Act in relation to civil recovery and tax as well as providing support to outside agencies in securing criminal confiscation orders. The Agency's Centre of Excellence has consistently delivered against its targets for the delivery of financial investigation courses. Key results are provided in the following table.
The agency has also established important case law with regards to civil recovery legislation and spent considerable time working with the Home Office, Department of Constitutional Affairs and the Attorney General's Office to identify ways in which to speed up case progression and reduce costs.
The agency was pleased to announce in its 2006-07 Annual Report that it had, for the first time, been successful in meeting its cost recovery target, having recovered more money than the agency is granted by the Treasury. Furthermore, during the lifetime of the agency it has had success in concluding cases to the value of £97.2 million and gained enforcement receipts of £28.2 million. A notable recent success was a joint investigation between the Assets Recovery Agency, Thames Valley police and the Serious Fraud Office, which led to a confiscation order worth nearly £41 million—the largest believed to have been secured under criminal proceedings to date.
2003-04 2004-05 2005-06 2006-07 Q1-Q3 2007-08 Total Disruptions1 Volume 24 36 100 114 66 340 Value (£ million) 18.5 16.8 85.7 73. 6 33. 1 227.7 Concluding2 actions Volume 0 24 47 61 70 202 Value (£ million) 0 7.4 11. 8 20.2 57.8 97.2 Enforcement receipts3 Value (£ million) 0 4.3 4. 1 15.9 3. 9 28.2 Training Financial investigation courses delivered 30 76 117 146 91 460 1 Covering civil, criminal and tax disruptions. These as defined as: obtaining of freezing orders/Marevas/interim receiving orders/property freezing orders, issuing of tax assessments, obtaining of recovery order where freezing has not taken place; or undertaking not to deal with assets, where freezing has not taken place, obtaining of a restraint order or obtaining of confiscation order, where assets are not under restraint. 2 Covering civil, criminal and tax. These are defined as: recovery orders; voluntary settlements; tax agreements and criminal confiscation orders. 3 Covering civil, criminal and tax. These are receipts obtained following concluding actions.