Client Delighted as Account Freezing Order Successfully Removed
KANGS has successfully assisted our client, a broker within the financial services sector who lives in Europe and outside the UK Jurisdiction, secure the removal of an Account Freezing Order (AFO) which had been obtained upon application to the Court by Nottinghamshire Police.
The EU business bank account, which was the subject of the AFO, was provided by a Financial Institution which was regulated by the UK Financial Conduct Authority.
The AFO was obtained by Nottinghamshire Police following receipt of a Suspicious Activity Report (SAR) from the Financial Institution. The report raised the suspicion that funds received into the account may have represented the proceeds of crime, namely money laundering, and may also have been intended for use in criminal conduct.
Nazaqat Maqsoom of KANGS outlines how this successful outcome was achieved.
The Circumstances | Suspicious Activity Report
The Suspicious Activity Report was raised as the result of funds in the region of half a million pounds passing through our client’s account, which was considered to constitute unusual activity. The Police suspected that the account had been established to facilitate the illegal movement of funds through an international financial network.
Court Production Orders were obtained to enable banking material to be accessed and examined.
How We Assisted Our Client
In the course of seeking the removal of the Account Freezing Order we:
- attended our client discussing the nature of his business activity, the provenance of the funds in question, the circumstances which may have given rise to the issue of the SAR and all other pertinent matters,
- advised our client on his position and the procedure to be followed to seek the release of his funds,
- collated and examined all available documentation and discussed the same in detail with our client,
- prepared our client’s extensive and detailed response to the Statement of Information which had been served, addressing matters of law and fact, rebutting allegations which had been raised and correcting misstatements and inaccuracies which were being relied on,
- dealt with a number of discrete issues arising from our client’s regulatory standing as a broker within the financial services sector and his residence outside of UK Jurisdiction.
The Highly Successful Outcome
Following consideration of the very extensive and detailed representations prepared and submitted by KANGS on behalf of our client, the Police fully accepted our client’s explanation on all issues.
Accordingly, Nottinghamshire Police immediately obtained the requisite Order from the Magistrates’ Court which secured the release of all of the funds to our client.
The successful outcome was received with overwhelming relief by our client whose business had been significantly impacted by the Account Freezing Order.
How Can We Assist?
KANGS has extensive experience gained over many years, assisting clients who have been subjected to Suspicious Activity Reports, Account Freezing Orders and all other form of financial restriction, injunction or proceedings available to the enforcing authorities under the Proceeds of Crime Act 2002.
Our solicitors have an established and respected reputation nationwide for their expertise in financial investigations and proceedings. They are recognised in leading directories such as Chambers UK and the Legal 500 as industry specialists in all aspects of fraud and financial crime.
If you are subject to an Account Freezing Order, Account Forfeiture Orders or any other type of financial crime investigation, please do not hesitate to contact our team on the details below. We would be delighted to hear from you.
Tel: 0333 370 4333
Email: info@kangssolicitors.co.uk
We provide initial no obligation discussion at our three offices in London, Birmingham, and Manchester. Alternatively, discussions can be held through video conferencing or telephone.
Top ranked by leading legal directories Chambers UK and the Legal 500.
