Asset forfeitures reach $10 million

Press Release – New Zealand Police

Criminals have now been stripped of more than $10 million in cash and assets through the criminal proceeds recovery legislation.Asset forfeitures reach $10 million

Criminals have now been stripped of more than $10 million in cash and assets through the criminal proceeds recovery legislation.

Commissioner Peter Marshall says it has taken less than two years for the Asset Recovery Unit to reach the $10 million dollar mark in forfeitures.

Every penny of that $10M is money that would have been reinvested in crime.

“This is effective and powerful crime prevention,” Mr Marshall said.

At the end of October 2011, Police held restraining orders over an estimated $42.6 million worth of assets which are yet to be put through the court process

Mr Marshall said he expected that the rate of forfeiture will be even greater as time goes on.

“The legislation is just two years old. We began in the first year with a trickle of cases, but the tap is well and truly turned on now,”

“This week, around $14 million worth of assets were seized as part of Auckland’s Operation Ark,” Mr Marshall said.

“We will continue to improve our application of the legislation and we will continue to target those who profit from criminal activity.”

“I want to commend that work of the Asset Recovery Units and detectives involved in the investigations, who have undertaken their work in a professional and tenacious way.”

Mr Marshall said the advantages were not all about money, as in the case of a Mongrel Mob gang pad in Dunedin that was made forfeit last year.

“The state of the house was such that it sold for well under the value of the mortgage on it. However, it was a big win for that community which no longer has to live with a gang pad in their neighbourhood.”

ENDS
Note to media
Restrained Assets: These are assets that have been taken from the control of alleged offenders and placed in the hands of the Official Assignee whilst further investigations take place.

Forfeit Assets: These are assets that, following their initial restraint, have been forfeited to the crown. Forfeiture orders are subject to appeals and costs and third part interests must be paid out of the value of the assets.

Content Sourced from scoop.co.nz
Original url