SFO and HMRC use crypto orders

Gherson Solicitors LLP (Gherson) has once again successfully submitted Freedom of Information Requests (“FOIs”) to the Serious Fraud Office (“SFO”) and HM Revenue and Customs (“HMRC”) to gather data on their utilisation of Crypto Wallet Freezing Orders (“CWFrOs”) and Crypto Wallet Forfeiture Orders (“CWFOs”) since these mechanisms were introduced in April 2024. This is the second consecutive year that Gherson has undertaken such an initiative, reaffirming its commitment to scrutinising the application of these new powers.

The Economic Crime and Corporate Transparency Act (the “ECCT”) played a pivotal role in amending the Proceeds of Crime Act 2002 (POCA) to facilitate the recovery of cryptoassets. A notable amendment allows for the introduction of both CWFrOs and CWFOs, which are designed to function similarly to traditional Account Freezing Orders while addressing the complexities of the cryptocurrency sphere.

In the FOI request made by Gherson covering the period from 2024-2025, it was revealed that the SFO had not sought or obtained any CWFrOs or CWFOs, contrasting with HMRC, which confirmed its usage of both orders. The latest FOI request, which examined the timeframe from July 2025 to June 2026, indicated that the SFO had sought one CWFO and one CWFrO. HMRC, on the other hand, had sought fewer than five of either order, albeit without disclosing exact figures due to risks associated with identifying individuals involved.

Thomas Cattee, partner and head of the White-Collar Crime department at Gherson Solicitors, commented on these findings, stating “Though the numbers remain small again this year, they do remain just as striking with HMRC using its powers more often. This is particularly interesting given the SFO’s Business Plan 2026-2027 making reference to developing and maximising cryptoasset investigation capabilities.”

Cattee further emphasised the limited scope of these powers, noting “It is important to remember that these powers represent only one small tool in the UK’s law enforcement agencies’ armoury and only suit certain investigations. However, these FOI results demonstrate that HMRC has again been far more readily utilising these new powers.”

Reflecting on Gherson’s December 2024 FOI request concerning Account Freezing Orders (“AFrOs”) and Account Freezing Orders (“AFOs”), Cattee summed up, “When comparing both agencies' use of Account Freezing and Forfeiture Orders, we had previously noted how the SFO by nature only investigates a few large and complex cases and this could be one of the reasons that the number of CWFrO and CWFO used by the SFO is smaller.”

This ongoing analysis highlights the disparities in how the SFO and HMRC employ new legal frameworks to tackle crime within the evolving crypto landscape.