POLICE confiscated almost £40 million in cash and assets from London criminals in the past year.

More than £10 million in cash was seized from 231 criminals, averaging £30,000 a day in 2005, up from £20,000 a day in 2003.

In addition to the cash seized, assets totaling more than £28 million was also confiscated, which is three times more than two years ago.

The figures represent 30 per cent of the total amount of cash and assets seized nationally in the past year.

Economic and Specialist Crime Command head detective superintendent Trevor Shepherd said there had been "a staggering increase in the number of seizures carried out" and that even more criminals in the capital can expect to "discover that crime doesn't pay".

Specialist Crime Directorate assistant commissioner Tarique Ghaffur said assets seized from criminals would be in turn used to fund the battle to "disrupt and dismantle the organized criminal networks that are causing so much harm to our communities".

Over the next 12 months Financial Investigation Units will be rolled out in each of the Metropolitan Police's 32 boroughs.

Under a new scheme, more of the criminal assets will now be used to invest in combating crime and targeting criminally gained proceeds.

The seizures were made using the powers of the Proceeds of Crime Act, which was introduced in 2002.

The seizures were a part of Operation Payback, which has been led by the Economic and Specialist Crime Command's Sterling Enforcement Team, the Financial Investigation Unit and the London Region Asset Recovery Team.