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Asset Recovery

Treasury written question – answered on 16th January 2007.

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Photo of Grant Shapps Grant Shapps Co-Chair, Conservative Party

To ask the Chancellor of the Exchequer what steps are being taken to ensure that the Assets Recovery Agency recovers enough assets to cover its annual budget in 2006-07; and if he will make a statement.

Photo of Vernon Coaker Vernon Coaker The Parliamentary Under-Secretary of State for the Home Department

I have been asked to reply.

The 2006-07 budget for the Assets Recovery Agency is £15.5 million. The Agency's receipts for the period 1 April to 31 December total £14.4 million. The Agency has also been awarded final orders and settlements in a number of cases, and will be endeavouring to convert these into receipts before the end of the financial year. In addition, to date during this financial year the Agency has disrupted 65 criminal enterprises involving assets of £33.2 million. The Agency remains committed to all the targets listed in its Business Plan.

These figures illustrate how the Agency's impact on the proceeds of crime has grown since it was set up in 2003, with an increasing number of its cases reaching conclusion.

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