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Home » Prove It or Lose It! Part III: A Step Too Far? Account Freezing Orders & Account Forfeiture Orders in the UK

Prove It or Lose It! Part III: A Step Too Far? Account Freezing Orders & Account Forfeiture Orders in the UK

By Gareth Hall, Barry Vitou & Anne-Marie Ottaway on November 29, 2018
Posted in account freezing order, Anti-Money Laundering, Litigation, Unexplained Wealth Order, United Kingdom, white collar

The U.K.’s Criminal Finances Act 2017 provides law enforcement with new powers to obtain orders to freeze bank accounts and apply for forfeiture orders, permanently depriving the account holder of the funds contained in the account. These draconian new powers have received little publicity and contain fewer safeguards than unexplained wealth orders and the civil recovery process under the Proceeds of Crime Act 2002 (POCA), discussed in Parts I and II of this series. The powers are controversial and, unlike other asset recovery powers available to U.K. enforcement authorities, applications are made in the magistrates’ court rather than the High Court. Magistrates are volunteers without legal qualifications.

How do account freezing orders (AFOs) work? On what basis is an AFO application made? Do AFOs amount to anything more than daylight robbery? To explore the answers to these questions, click here for the full alert.

 

Tags: AML, anti-money laundering, financial regulatory and compliance, Greenberg Traurig, GT Alert, gtlaw, gt_law, litigation
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Photo of Gareth Hall Gareth Hall

Gareth Hall has a range of experience representing clients throughout special investigations and criminal litigation. He has represented individuals subject to investigations conducted by the National Crime Agency (NCA), Her Majesty’s Revenue and Customs (HMRC) and the Serious Fraud Office (SFO) for a…

Gareth Hall has a range of experience representing clients throughout special investigations and criminal litigation. He has represented individuals subject to investigations conducted by the National Crime Agency (NCA), Her Majesty’s Revenue and Customs (HMRC) and the Serious Fraud Office (SFO) for a range of matters including complex conspiracies, fraud, money laundering and bribery. Gareth also has higher rights of audience and has appeared as an advocate, representing individuals in the Crown Court.

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Photo of Barry Vitou Barry Vitou

Barry Vitou is Co-Chair of the Global White Collar Criminal Defense Practice and head of London’s White Collar Defense & Special Investigations Practice, advising corporations and individuals in connection with compliance, pre-investigations, investigations, and prosecutions conducted by numerous law enforcement agencies. Barry frequently…

Barry Vitou is Co-Chair of the Global White Collar Criminal Defense Practice and head of London’s White Collar Defense & Special Investigations Practice, advising corporations and individuals in connection with compliance, pre-investigations, investigations, and prosecutions conducted by numerous law enforcement agencies. Barry frequently represents clients under investigation by U.K. and U.S. law enforcement agencies and prosecutors, including the U.K.’s Serious Fraud Office (SFO), the Financial Conduct Authority, the Information Commissioner’s Office, the U.S. Department of Justice (DOJ), and the U.S. Securities and Exchange Commission (SEC). Barry regularly appears on television and radio, discussing the topics of corruption, money laundering, and the UK Bribery Act.

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Photo of Anne-Marie Ottaway Anne-Marie Ottaway

Anne-Marie Ottaway focuses on white collar and economic crime and government and internal investigations. Acknowledged for her criminal defence work, Anne-Marie provides clients with advice on all aspects of investigations relating to allegations of fraud, bribery, and corruption, as well as providing advice…

Anne-Marie Ottaway focuses on white collar and economic crime and government and internal investigations. Acknowledged for her criminal defence work, Anne-Marie provides clients with advice on all aspects of investigations relating to allegations of fraud, bribery, and corruption, as well as providing advice in respect of the implementation of effective anti-fraud, bribery and corruption compliance programmes and related anti-money laundering issues. She is recognized by Chambers & Partners for her “growing reputation for defending corporate clients subject to fraud and bribery allegations.”

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