United States of America: Adopted Home Office circular detailing powers for the civil forfeiture of crypto assets in the Economic Crime and Corporate Transparency Act (circular 005/2024)

On 26 April 2024, the UK Home Office adopted a circular detailing powers for the civil forfeiture of crypto assets in the Economic Crime and Corporate Transparency Act (POCA). The outline details powers for the forfeiture of crypto assets, focusing on non-conviction-based civil powers. It describes the new chapters (3C to 3F) in POCA for the seizure, freezing, and forfeiture of crypto assets. Further, it outlines different powers for different scenarios, such as the seizure of unhosted crypto assets, the freezing of crypto wallets held by service providers, and the forfeiture proceedings. The mentioned powers can be exercised by designated enforcement officers, including constables, HMRC officers, SFO officers, and Accredited Financial Investigators. The circular also details the process for obtaining freezing orders for crypto wallets and the duration of such orders.