Business, Legal & Accounting Glossary
The Assets Recovery Agency (ARA) was established in the United Kingdom under the Proceeds of Crime Act 2002 to reduce crime by confiscating the proceeds of crime, including a new power of “civil recovery” through the High Court. Previously, only profits from certain crimes, such as drug trafficking, were liable to confiscation. The ARA can also take over the powers of the Inland Revenue to levy tax without identifying a source for taxed income.
The powers of the ARA are mostly limited to England and Wales and Northern Ireland, although its taxation powers extend to Scotland. It is a Non-Ministerial Department (an independent Government department) and became operational in February 2003. It has offices in London and Belfast; its first Director is Jane Earl.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
Definitions for Assets Recovery Agency are sourced/syndicated and enhanced from:
This glossary post was last updated: 26th November, 2021 | 0 Views.