|
|
Amendment of section 53 of Principal Act
|
| |
20. Section 53 of the Principal Act is amended—
|
| |
(a) in subsection (1)(a), by the insertion of “an external confiscation order or” before “a confiscation co-operation order”,
|
| |
(b) by the addition of the following subsections after subsection (6):
|
| |
“(7) Where property recovered by the execution of an external confiscation order or confiscation co-operation order is not a sum of money, the receiver may—
|
| |
(a) cause the property recovered to be transferred to the state concerned, or
|
| |
(b) cause the property recovered to be sold and, subject to subsection (8), the proceeds transferred to the state concerned.
|
| |
(8) Where property recovered by the execution of an external confiscation order transmitted by or on behalf of a court in a designated state that is a member state is a sum of money or the proceeds of a sale under subsection (7)(b) —
|
| |
(a) if that sum is less than €10,000, it shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance may direct, and
|
| |
(b) if that sum is €10,000 or more, 50 per cent of the sum shall be transferred to the designated state concerned and the remaining 50 per cent shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance may direct.”.
|