CABINET THIS EVENING have approved the Proceeds of Crime (Amendment) Bill 2024, which will introduce stricter measures and increased powers for the Criminal Assets Bureau (CAB).

CAB seize items from citizens which are believed to be the proceeds of crime under the Proceeds of Crime Act 1996-2016. Items are later sold or auctioned by the bureau, when necessary.

New powers, under the amendment brought forward my justice minister Helen McEntee, will provide CAB with the option to immediately appointment of a receiver in order to keep the assets out of the reach of criminals.  

The amendment would introduce a shortened period of time between the seizure and sale or disposal of items from seven to two years and the exchange of information between international and inter-state agencies with CAB would be eased.

Limits are to be placed on someone’s ability to reopen disputes over whether or not the items were indeed the proceeds of crime.

Under the amendment, CAB will also have enhanced restraint and asset detention powers, without having to seek High Court approval beforehand.

The measure was earmarked this morning by government chief whip and Minister of State for Public Health Hildegarde Naughton in the Spring Legislative Programme, along with 45 separate bills of priority.

Naughton this morning said ensure members of society are safe in their communities is a “key Government priority” and that the bill will aim to tackle the Irish crime market – valued at €1.7 billion per year.

In 2022, CAB seized over €6.3 million in “ill-gotten gains”, including cars, bags and watches. 

Elsewhere last year, €187,000 in cash, Canada Goose jackets, a €9,000 Rolex-branded watch and a over €1 million in assets from man named in court as senior Kinahan gang member were seized in separate searches throughout the year.