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The Future Governance and Operation of the Seized Asset Fund

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Policy & Resources Committee and the Committee for Home Affairs - P.2021/19

The States are asked to decide:

Whether, after consideration of the Policy Letter entitled "The Future Governance and Operation of the Seized Asset Fund", dated 08th February, 2021, they are of the opinion:

1. To agree that receipts from seized assets will be first used to support cost recovery, victim compensation and asset sharing.

2. To agree that any remaining assets will be divided between a new Seized Asset Fund and a fund for community purposes, with an allocation of 80% to the Seized Asset Fund and 20% to community purposes (as set out in section 6.5 of the Policy Letter).

3. To agree that the Policy & Resources Committee will have the authority to approve the use of assets in the Seized Asset Fund for distinct initiatives aligned with the Fund's purpose (as set out in section 6.6 of the Policy Letter).

4. To agree that the Policy & Resources Committee will consult the Committee forHome Affairs before approving any funding from the Seized Asset Fund. 

5. To approve the immediate transfer of 20% of the uncommitted balance of the current Seized Asset Fund to the Social Investment Fund.

6. To agree that the new arrangements for the governance and operation of seized asset distribution should be introduced on a policy basis as soon as practicable and to direct the Policy & Resources Committee to liaise with HM Receiver General in respect of the implementation of the new arrangements ahead of the introduction of legislation.

7. To direct the preparation of legislation as necessary to put the seized asset arrangements on a legislative footing.

 

 

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P 2021 19 - The Future Governance and Operation of the Seized Asset Fund

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