Eight gold bars seized by HM Revenue and Customs (HMRC) and valued at almost £750,000, are being auctioned off with proceeds going back into the public purse.
Weighing around 16kg altogether – equivalent to the weight of an adult Staffordshire Bull Terrier – the bars were seized at Manchester Airport in November 2018. They were concealed in a lunchbox of a passenger’s hand luggage destined for Dubai.
The ingots are valued at more than £750,000 in current gold prices and, will be sold by Wilsons Auctions on Thursday 3 September.
HMRC investigators used new civil proceeds of crime powers for the first time to apply for forfeiture of the bars, which was granted by Manchester and Salford Magistrates on 2 July 2020. The 2017 Criminal Finance Act now enables ‘listed assets’, including precious metals, seized using Proceeds of Crime Act 2002 (POCA) to be subjected to forfeiture in the same way as cash deemed to be from the proceeds of crime.
Gill Hilton, Assistant Director, Fraud Investigation Service, HMRC, said:
“This is the first time HMRC has used these powers to seize and forfeit a listed asset, and it should act as a deterrent to criminals looking to trade assets such as precious metals. If they are the proceeds of crime or intended for unlawful conduct, we now have the powers to take them from criminals and use the money for public services.
“The money raised through the auction will go straight back into the public purse, to be spent on vital services such as hospitals and schools.
“We are determined to cut off the funds that finance serious crime in the UK. In the last year alone, HMRC has recovered more than £166 million of illicit proceeds using its civil and criminal proceeds of crime powers.
I counted 9 bar’s
I see 9 in the picture, unless HMRC took the picture before they had 1 away.