Assets Recovery Agency to close at cost of £90m

The Assets Recovery Agency, set up four years ago with aim of seizing £60m a year in assets from organised crime, is to be closed. It cost £20m a year to run, yet only seized £4.4m a year. In total, the agency cost the tax payer £90m.

Yet another example of the Government making headlines with being tough on crime, throwing money at the problem, getting negative results and then making a silent retreat hoping no-one has noticed.