DRAFT UPDATES TO the power of the Garda Criminal Assets Bureau (CAB) will come before cabinet this morning.

CAB seize assets found to have been purchased using money earned through criminal activity. A state receiver is later appointed for control of the goods and, after seven years, seizures are then sold at auction to generate profit for the state.

A new proposal, tabled today by justice minister Jim O’Callaghan, is seeking to reduce the time between seizure and sale from seven to two years.

It also wants courts to immediately appoint receivers to assets as soon as a judge finds that they were purchased with the proceeds of crime. Both of these new rules will reduce the level of interest owed to those who previously owned the goods.

For this reason, the General Scheme of the Proceeds of Crime (Amendment) Bill does not want courts to ‘re-litigate’ seizure orders before the sale, which could increase the length of time that interest is accrued by goods.

CAB will also be given stronger powers to seize bank accounts and detain those suspected of owning assets purchased with the proceeds of crime. The immediate receivership of the assets and the shorter timeline between seizure and sale will not affect appeals.

O’Callaghan is expected to tell ministers this morning that the updates are necessary in order to prevent criminals from earning money off of seized goods. He says current estimations suggest €1.7bn is generated from crime in Ireland each year.

The proposals have been brought forward following a number of recommendations which were made by a detailed examination of the current legislation was completed by the Department of Justice.