The following Corporate Crime practice note provides comprehensive and up to date legal information covering:
A civil recovery order (CRO) is an order available to recover the proceeds of crime through action in the High Court, rather than the criminal court, and is governed by the CPR. The power to bring proceedings for CROs under the Proceeds of Crime Act 2002 (POCA 2002) is available to the National Crime Agency (NCA), the Serious Fraud Office (SFO), the Crown Prosecution Service (CPS), HMRC and the Financial Conduct Authority (FCA) in England and Wales, see Practice Note: Civil recovery orders under the Proceeds of Crime Act 2002. Together, these agencies are known as the enforcement authorities.
No criminal conviction is required and the action is against the property, not the person.
The provisions in POCA 2002 provide for the recovery of property by the enforcement authority where, on the civil standard of proof, it can be established that such property was obtained through unlawful conduct. For information on civil recovery generally, see Practice Note: Civil recovery orders under the Proceeds of Crime Act 2002.
There are associated powers available to preserve property, notably the power the court has to make a property freezing order and interim receiving order. Additional powers exist under POCA 2002, Pt 5, known as investigatory powers, which are exercisable in a civil recovery investigations (see below). Civil recovery investigations are defined in POCA 2002 as an investigation into:
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You may apply simplified customer due diligence (SDD) measures in relation to particular business relationships or transactions which you determine present a low risk of money laundering or terrorist financing, having taken into account:•your organisation-wide risk assessment—see Practice Note:
An ad hoc arbitration is any arbitration in which the parties have not selected an institution to administer the arbitration. This offers parties flexibility as to the conduct of the arbitration, but less external support for the process. It can be quicker than institutional arbitration but not if
What is QOCS?Qualified one-way costs shifting (QOCS) was introduced on 1 April 2013 as part of the Jackson costs reforms following the removal of a claimant’s right to recover additional liabilities from the defendant, ie success fees and after the event (ATE) insurance premiums. The relevant CPR
Background to the Single RulebookHistorically, the European Commission (Commission) favours using Directives (rather than Regulations) to set out its legislation in respect of the financial services sector. However, Directives, allowing Member States greater flexibility in how they implement
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