In many respects value conÞscation represents a more attractive alternative.
This type of conÞscation, also known as a pecuniary penalty order
(Australia), does not consist of the deprivation of property (representing
proceeds from crime), but of a judicial order to pay a certain amount of
money, corresponding to the value of the proceeds from crime.21 This
entails that value conÞscation can in principle only be envisaged in relation
with proceeds from crime (although Article 31(2) of the Luxembourg
Criminal Code also foresees value conÞscation as a subsidiary alternative
to forfeiture of the instruments of crime). Whereas some jurisdictions,
such as those of England and Wales22 and the Netherlands,23 have opted
for value conÞscation as the main model for depriving offenders of the
fruits of their crimes, many jurisdictions such as Belgium24 and
Switzerland,25 for example, at least theoretically only allow value conÞscation
as a subsidiary alternative for object conÞscation, namely when the