UK GVT PACE Applied to Cryptoassets


On Mar. 26, UK GVT amended law re POCA crypto investigations.


  • UK GVT issued Proceeds of Crime Act 2002 (Application of Police and Criminal Evidence Act 1984) (Amendment) Order 2024 (StIn 2024/426) and explanatory memorandum.
  • Amendments
  • POCA S. 355 allows Secretary of State to make an order which applies Police and Criminal Evidence Act 1984 (PACE) S. 15, 16, 21, 22 in relation to search and seizure warrants obtained in the course of certain categories of investigation in Part 8 of POCA.
  • ECCTA 2023 (UK) inserted POCA Pt 5, Ch 3C to 3F re new powers regarding forfeiture of certain cryptoassets derived from, or are intended for use in, unlawful conduct.
  • These largely align with existing forfeiture powers in relation to cash, certain listed items of personal property, and funds in bank or building society accounts.
  • The new powers are supported by a new type of investigation in Part 8 of POCA.
  • Order amends Proceeds of Crime Act 2002 (Application of Police and Criminal Evidence Act 1984) Order 2015 (StIn 2015/759) so PACE S. 15, 16, 21, 22 and modifications to those sections made by that Order, will apply to the new type of investigation.
  • Effectiveness
  • This Order comes into force on Apr. 26, 2024.

Regulators UK GVT
Entity Types Corp; Exch
Reference UKSI, STIN 2024/426, 3/26/2024; POCA S. 355; Citation: StIn 2024/426; StIn 2015/759;
Functions AML; Compliance; Financial; Fraud; Risk; Treasury
Countries United Kingdom
Category
State
Products Cryptocurrency
Regions EMEA
Rule Type Final
Rule Date 3/26/2024
Effective Date 4/26/2024
Rule Id 206442
Linked to N/A
Reg. Last Update 3/26/2024
Report Section UK

Last substantive update on 04/02/2024