Commentary on Sections Part 3: Other Measures to Prevent or Disrupt Serious and Other Crime Chapter 2: Proceeds of Crime.Assets Recovery Agency Section 74: Abolition of Assets Recovery Agency and redistribution of functions etc.
253.On such day as an order under section 74(1) provides, the Assets Recovery Agency (which is established by section 1 of, and Schedule 1 to, the Proceeds of Crime Act 2002 (‘POCA’)), and the corporation sole that is its Director, will cease to exist. Such an order is to be made by statutory instrument but is not subject to any parliamentary procedure (see section 89). Section 74(2) introduces Schedule 8 and section 74(3) introduces Schedule 9.