Ciarán Lynch (Cork South Central, Labour)
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Question 102: To ask the Minister for Justice, Equality and Law Reform his views on amending the law to allow the Criminal Assets Bureau to apply to forfeit seized property after two years rather than the seven year wait; the estimate of the additional revenue that would be raised if this change were made; and if he will make a statement on the matter. [40145/09]

Dermot Ahern (Louth, Fianna Fail)
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As the Deputy is aware the Criminal Assets Bureau (CAB) is a statutory body which operates under the Proceeds of Crime Acts 1996 and 2005 (as amended). Under the provisions of this legislation CAB may apply to the High Court to obtain either an interim or interlocutory order to freeze certain assets it believes to be the proceeds of criminal activity. If the High Court is satisfied that such assets are the proceeds of crime then they may be frozen for a period of at least seven years.

The Proceeds of Crime (Amendment) Act 2005 introduced provisions whereby all relevant parties can consent to the application of Section 4A Order to allow for a disposal order to be made by the High Court before the seven year period has elapsed.

When the Proceeds of Crime (Amendment) Act 2005 was being debated, the Oireachtas considered the issue of reducing the standard seven year waiting period to a minimum three year period. However at that stage it was decided to retain the current timeframe of seven years, on the basis that reducing the period between the interlocutory order and the disposal order might result in the legislation being more open to challenge in terms of due process.

However, I have asked my officials, together with the Criminal Assets Bureau, to review the legislation relating to the length of time an asset must be held before it can be disposed of, particularly in relation to certain types of assets which may be disposed of before they depreciate significantly.