Diggers, paintings in gang assets

Police Minister Judith Collins. Photo / APN

Paintings, construction diggers, lifestyle blocks and boats - just your everyday list of drug bosses' assets.

Police Minister Judith Collins yesterday made public a list of the latest cash and assets seized by the police asset recovery unit.

Under the Criminal Proceeds (Recovery) Act, which took effect in December 2009, police can seize gang assets believed to have been obtained illegally without first securing a conviction.

Police are holding restraining orders over assets worth $40 million, and a further $8 million has now been forfeited to the Crown.

The national manager of the Financial Crime Group, Pete Devoy, said among the assets were three diggers - one valued at $380,000 - an art collection believed to be paintings, a number of Harley-Davidson and Ducati motorcycles and a Lotus sports car worth about $100,000.

"We have what we term toys - the motorcycles and cars - but we also see some practical items being purchased."

Detective Superintendent Devoy did not want to speculate on what a drug lord might do with a construction digger.

"But again, as cash or money accumulates, you've got to spend it on something. None of it surprises me.

"The drug economy is very much a cash economy, and it's a matter of then either moving the cash into assets which aren't necessary obvious, or legitimising it through laundering."

He said seizing the assets was having an impact on drug crime.

"If they can't re-invest in crime, business starts to get harder."

If a suspect is convicted, the assets are sold. Some of the money raised goes to drug-enforcement agencies, and some to general government business.

A spokesman for Justice Minister Simon Power said the fund for fighting illegal drugs was still being set up in consultation with the Justice Ministry and the Department of Prime Minister and Treasury, and was unlikely to be established before the election.

What was seized

* Art collection 1
* Boats 5
* Bonus Bonds 4
* Cars/vans/4WDs 74
* Cash/bank accounts 91
* Commercial properties 5
* Farms/orchards 6
* Furniture and effects 3
* Jewellery including precious metals and gemstones 7
* Lifestyle blocks 10
* Motorcycles 30
* Plant and equipment 13
* Residential properties 42.