The Crime and Corruption Commission (CCC) has frozen more than $200 million worth of criminal profits since Queensland proceeds of crime laws took effect in 2003.
This week the CCC obtained its 715th restraining order in the Supreme Court, taking the total value of assets restrained by the CCC to $200,129,381.
Restraining property is the first step in recovering the proceeds of crime. It involves applying to the Supreme Court for an order which effectively freezes the assets. Once the CCC has restrained the property, it starts civil confiscation proceedings in the Supreme Court to have those assets permanently forfeited to the State.
Not all restrained assets are ultimately forfeited to the State. However, freezing the assets means they cannot be sold or hidden while the confiscation litigation is underway.
The CCC’s Director of Financial Investigations, Angela Pyke, said the CCC’s focus on identifying assets didn’t stop at homes or bank accounts and thorough financial investigations discovered a range of assets believed to be purchased with the proceeds of criminal activity.
“In addition to cash and luxury homes, the CCC has restrained all manner of assets including helicopters, race horses, jet skis, cattle, artwork, boats and drag racing cars since the laws commenced in 2003,” Ms Pyke said.
“The CCC also identifies and freezes property that people have tried to hide or transfer into other names in attempts to avoid detection.”
Ms Pyke said this week’s milestone showed the CCC was determined to ensure that crime did not pay.
“By recovering the proceeds of crime, we are removing the profit motive from serious criminal activity like drug trafficking and production,” Ms Pyke said.
“It also stops offenders from reinvesting the profits of their criminal activity into the criminal economy where more crimes can be committed.”
The CCC has several different methods available under legislation to recover the proceeds of crime. These include the civil confiscation scheme (which includes the unexplained wealth provisions) and the serious drug offender confiscation order scheme.
Ms Pyke said the CCC worked closely with other government agencies to recover the proceeds of crime.
“The Queensland Police Service (QPS) provides the CCC with crucial assistance by referring matters to us for financial investigation,” Ms Pyke said.
“We also work closely with the Office of the Director of Public Prosecutions, which represents us in court, and the Public Trustee, which manages the assets once they are restrained.”
ENDS
Media opportunity:
The Director of Financial Investigations, Angela Pyke, is available today (16 October 2015) for media interviews. Please contact the CCC’s media team on 3360 6000 or [email protected] to arrange an interview.
