ASSETS seized in WA under proceeds of crime laws are not maintained well, with a luxury yacht sold for $405,000 less than the original estimated value due to inappropriate storage, the auditor general has found.
In one case, the state did not receive any money from selling the damaged asset, and it could be liable for compensation payments if it returns deteriorated assets to accused who are found not guilty.
“It also means there is less money available to fund future confiscation activities and for community groups through the Criminal Proceeds Confiscation Grants Program,” Auditor-General Colin Murphy said on Thursday.
He said the relevant agencies were yet to agree on how to maintain frozen assets, but followed sound processes to identify and confiscate the proceeds of crime.
Since 2010-11, annual confiscation proceeds have ranged from $7.3 million to $13 million.
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