This Practice Note explains the provisions under Chapter 3B of the Proceeds of Crime Act 2002 (POCA 2002) (as amended), which was originally inserted by section 16 of the Criminal Finances Act 2017 (CFA 2017), and which governs the seizure and forfeiture of money and cash held in the accounts of banks, building societies, electronic money institutions and payment institutions (relevant financial institutions) in summary proceedings. It considers the background to the creation of the powers, what account freezing orders (AFOs) are and how they are obtained, how they are brought to an end (ie via the issue an account forfeiture notice (AFN) and the making, or not, of a forfeiture order) as well as applications to vary or discharge AFOs. It also covers appeals against decisions regarding forfeiture and the compensation which may be obtained in respect of cash in accounts made subject to an AFO which is then released from the AFO.
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