The Proceeds of Crime (Amendment) Act 2016 was enacted on the 27th of July, 2016.
This Act provides Bureau Officers with the power to seize property which they reasonably suspect to be the proceeds of crime and detain it for 24 hours. This 24 hour period will allow for preliminary enquires to be made. The Chief Bureau Officer will be empowered by the Act to authorise its detention for a further 21 days. This period will allow CAB to prepare an application to the High Court for an interim restraining order and prevent the disposal or dissipation of the property in the meantime.
The other key focus of the Act is the threshold value of property which can be pursued by CAB under the Proceeds of Crime Act 1996. It is to be reduced from €13,000 to €5,000.