Clause 78 - Gifts and their recipients
Proceeds of Crime Bill
5:00 pm
Mr Dominic Grieve (Beaconsfield, Conservative)
Subsection (1) says:
''If the defendant transfers property to another person for a consideration''.
As ''consideration'' was referred to earlier, there seemed to be no point in using ''for value'' later; it is as simple as that. I agree with the hon. Gentleman about what normally appears; I did not intend to remove the concept of its being for value. If it is thought that the words ''for value'' ought to appear, I would be the last person to stand in the Minister's way. Indeed, he could reject the amendments and the new clause and redraft the clause; it might be better to do so. I claim no great drafting expertise, particularly with respect to equitable concepts.
The amendment's aim is simple: a reduction in value between the date property is obtained and the date it is transferred for value to an innocent third party should not be recovered from the third party. Clause 78 allows that—or can the Minister persuade me otherwise? I fully accept that it would be perfectly proper to recover the difference in value from the defendant if funds are available over and above the confiscated assets. However, an innocent third party should not suffer. The best thing that I can do now is listen to Minister's comments on the matter; we may be able to prolong the debate, if necessary.