Proceeds of Crime Act 2002
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Hide history noteMeaning of wealth
179G(1)
The property of a person that, taken together, constitutes the wealth of a person for the purposes of this Part is:
(a) property owned by the person at any time;
(b) property that has been under the *effective control of the person at any time;
(c) property that the person has disposed of (whether by sale, gift or otherwise) or consumed at any time;
including property owned, effectively controlled, disposed of or consumed before the commencement of this Part.
Meaning of total wealth
179G(2)
The total wealth of a person is the sum of all the values of the property that constitutes the person's wealth.
Value of property
179G(3)
The value of any property that has been disposed of or consumed, or that is for any other reason no longer available, is the greater of:
(a) the value of the property at the time it was acquired; and
(b) the value of the property immediately before it was disposed of, consumed or stopped being available.
197G(4)
The value of any other property is the greater of:
(a) the value of the property at the time it was acquired; and
(b) the value of the property on the day that the application for the *unexplained wealth order was made.
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