The Proceeds of Crime (Amendment) Bill 2024 aims to reduce the length of time between the High Court’s determination that an asset is a proceed of crime and its eventual seizure from seven years to two years.

The general scheme of the bill is now being sent to the Oireachtas justice committee for pre-legislative scrutiny with a view to a draft bill being brought to the Oireachtas later this year.

The Criminal Assets Bureau (CAB) seized cash and assets worth €35.5 million under proceeds of crime legislation between 1996 and 2022.

Justice minister Helen McEntee said: “Last year, over 600 asset profilers worked tirelessly, all over the country, in different Garda divisions, operating as the eyes and ears of CAB.

“Their job is to deliver first-hand knowledge of criminality in their local areas. Now, this new bill will ensure that when, on foot of their great work, a court determines property is the proceeds of crime, immediate action can be taken to ensure that the holder immediately loses the benefit of it. It also speeds up the process to dispose of the asset for the benefit of the State.”

She added: “We know crime has no respect for national borders which is why I am pleased that the bill will also see improved information exchange powers between CAB and law enforcement agencies in other jurisdictions.

“Provisions such as these send a message to those involved in organised criminality that they will not be allowed to enjoy the profits of their illegal activity, and it will show communities that we take organised crime extremely seriously.”