Skip to main content

Assets Recovery Agency

Volume 472: debated on Monday 25 February 2008

To ask the Secretary of State for the Home Department what progress the Assets Recovery Agency is making in recovering assets under the Proceeds of Crime Act 2002. (187099)

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.

Key results of the assets recovery agency

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.