Section 303Z11: Lapse of account forfeiture notice, Proceeds of Crime Act 2002

An account forfeiture notice lapses if—

an objection is made within the period for objecting specified in the notice under section 303Z9(4)(c),

an application is made under section 303Z14 for the forfeiture of money held in the frozen account, or

an order is made under section 303Z4 setting aside the relevant account freezing order.

If within the 48-hour period an application is made—

for a variation of the relevant account freezing order under section 303Z4 so as to extend the period specified in the order, or

for forfeiture of money held in the frozen account under section 303Z14,

the order continues to have effect until the relevant time (and then ceases to have effect).

In the case of an application of the kind mentioned in subsection (3)(a), the relevant time means—

if an extension is granted, the time determined in accordance with section 303Z3(3), or

if an extension is not granted, the time when the application is determined or otherwise disposed of.

In the case of an application of the kind mentioned in subsection (3)(b), the relevant time is the time determined in accordance with section 303Z14(6).

If within the 48-hour period it is decided that no application of the kind mentioned in subsection (3)(a) or (b) is to be made, an enforcement officer must, as soon as possible, notify the relevant financial institution with which the frozen account is maintained of that decision.

If the relevant financial institution is notified in accordance with subsection (6) before the expiry of the 48-hour period, the relevant account freezing order ceases to have effect on the institution being so notified.

In relation to an account forfeiture notice—

"the frozen account" is the account in which the money to which the account forfeiture notice relates is held;

"the relevant account freezing order" is the account freezing order made in relation to the frozen account.

In calculating a period of 48 hours for the purposes of this section no account is to be taken of—

any Saturday or Sunday,

Christmas Day,

Good Friday, or

any day that is a bank holiday under the Banking and Financial Dealings Act 1971 in the part of the United Kingdom in which the account freezing order was made.

Section 303Z11: Lapse of account forfeiture notice

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