‘Assets Recovery Agency had no feasibility study’

A report into the Assets Recovery
by the National Audit Office
found that it was set up without a feasibility study and has failed to achieve
its targets for the recovery of criminal assets and for becoming self financing
by 2005-06.

To date the Agency has spent £65m and recovered assets worth £23m. Although
the Agency now expects to become self-financing by 2009-10, on current
performance it is in danger of missing that target too.

The Agency was created in February 2003 to take the profit out of crime by
removing property obtained by criminal activity.

Last month, the Home Office announced that the casework of the Assets
Recovery Agency is to transfer to the Serious
Organised Crime Agency
, and the training to the National Policing
Improvement Agency.

The remit will remain unchanged and investigations will continue.

Further reading:

Assets Recovery Agency to be closed

Tycoon to pay out £18m after VAT probe

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