Joanna Tuffy (Dublin Mid West, Labour)

I move amendment No. 18:

In page 78, after line 45, to insert the following:

113. - The Proceeds of Crime Act 1996 is amended in section 4(1) by the substitution of "2 years" for "7 years".".

This amendment would reduce from seven years to two years the period that the Criminal Assets Bureau, CAB, must wait before applying for a forfeiture order on seized property. It is intended that the amendment would facilitate the bureau's fight against organised crime, as well as provide a once-off cash income for the Exchequer which we estimate at as much as €50 million. The Minister has noted that the proposal is being examined by his Department and in putting forward the amendment we want to give him an opportunity to outline what is happening in that regard.

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