A robber has failed to stop the Assets Recovery Agency seizing a house he bought for £70,000 and almost £6,000 in cash.

http://news.bbc.co.uk/1/hi/northern_ireland/5155390.stm

Is this the way to go?

By taking everything of value from a convicted criminal, will it act as a deterrent or do you think it will have little or no effect on petty crime?