Bitcoin: Proceeds of Crime
The question
To ask the Secretary of State for the Home Department, what plans her Department has for Bitcoin seized from criminal activity.
Answered by Dan Jarvis
The Home Office is responsible for the Proceeds of Crime Act 2002 (POCA).
POCA equips law enforcement agencies with a range of powers to deprive criminals of their money, or other property connected to criminal activity, and recover the proceeds of crime, including cryptocurrencies.
In April 2024, new powers came into force to enable law enforcement to more effectively investigate, seize, and recover the proceeds of crime within the cryptoasset ecosystem.
As with all assets, action to seize, recover and manage cryptoassets is for operational agencies, such as independent law enforcement bodies, and the courts to consider.
Criminal proceeds recovered via POCA can subsequently be returned in compensation to victims (following criminal conviction) or reinvested for use in tackling crime through the Asset Recovery Incentivisation Scheme (ARIS) and ARIS ‘Top Slice’ grant.
Further Information on both ARIS can be found in the data tables within the Asset Recovery Statistical Bulletin, which is published annually by the Home Office: Asset recovery statistics, financial years ending 2019 to 2024: Data Tables.
Verbatim has judged this answer against the question that was actually asked — answered, partly answered, or evaded. Sign in to see the verdict →