NCJ Number
158943
Date Published
1989
Length
14 pages
Annotation
The purpose of the Department of Justice's Assets Forfeiture Fund is to ensure an adequate and appropriate source of funding for expenses associated with seizing and forfeiting property illegally acquired by drug dealers and racketeers.
Abstract
Income to the fund from forfeited cash and proceeds from the sale of forfeited property is used to pay seizure and forfeiture expenses. The fund is a key component of Department of Justice efforts to dismantle criminal organizations by depriving criminals of their illegal profits. A summary of the fund's financial activity for fiscal year 1989 indicates that forfeited cash accounted for $517.4 million or 89 percent of income to the fund. Receipts from forfeiture sales accounted for $58.9 million or 10 percent of income to the fund, while receipts from investment income accounted for $4.5 million or 1 percent of income to the fund. The fund balance as of September 30 totaled $17,232,000. In fiscal year 1989, federally forfeited conveyances and other tangible personal property worth approximately $16.4 million were transferred to State and local law enforcement agencies that assisted in targeting or seizing property through equitable sharing. About $12 million in conveyances and personal property were retained for official use by the Drug Enforcement Administration, the Federal Bureau of Investigation, the Immigration and Naturalization Service, the Internal Revenue Service, the U.S Postal Service, and the U.S. Marshals Service. As of September 30, the amount of seized cash subject to forfeiture and being held as evidence totaled $35.9 million. Additional data on income and expenses of the Assets Forfeiture Fund are appended. 3 tables