Account Freezing Orders Successfully Set Aside & Company Funds Released
KANGS has successfully secured, on behalf of our client company, the setting aside of Account Freezing Orders (AFOs) obtained by the Metropolitan Police Economic Crime Department against two of its bank accounts.
The accounts held approximately two hundred and ninety -one thousand pounds, representing the residue of loans totalling six hundred and fifty thousand pounds, which had been received under a loan agreements with companies registered in the UK and Canada.
Following the filing of a Suspicious Activity Report (SAR) with the National Crime Agency, the AFOs against our clients’ bank accounts were obtained as it was suspected that the funds derived from, or were intended for use in, an illegal international money laundering scheme.
Following an investigation, the Metropolitan Police conceded that there was no evidence to support their suspicions and the two AFOs were set aside.
John Veale of KANGS explains the steps taken which resulted in this successful outcome.
The Circumstances
Following receipt of the loan funds, our client company’s director, legitimately used some of the funds for commercial purposes, in accordance with the terms of the loan agreements.
Unfortunately, this use of the funds generated suspicion, which led to the filing of the SAR and the grant of the AFOs.
The Metropolitan Police maintained that our client company was being utilised as a front for international money laundering between Canada and Europe. These allegations were strongly refuted upon the basis that the funds were being used for both business development and investment opportunities, in the company’s normal pattern of trade.
Steps Taken to Set Aside the Freezing Orders
Immediately upon being instructed by our client, the team at KANGS pursued all necessary steps, including:
- attending upon our client discussing the nature of the loans, the trading history of the company and the possible reasoning behind the restrictive action taken by the authorities,
- advising upon the company’s position generally, factual considerations and the appropriate steps to be followed to secure the removal of the AFOs,
- examining in detail all pertinent material and conducting a detailed analysis of the outward flow of the funds which had already been utilised,
- advising our client upon document disclosure obligations in the face of Police disclosure requests which were irrelevant and out of context,
- preparing and presenting our client’s extensive, detailed and factual Written Representations together with a bundle of carefully paginated supporting documents.
- attending and advising our client as the matter progressed.
The Highly Satisfactory Outcome
Once the Metropolitan Police had examined all of the evidence which had been meticulously prepared by the team at KANGS, it accepted that there was absolutely no evidence to support the continuance of their investigations.
Accordingly, the AFOs were formally set aside and all frozen funds were returned to our client.
Naturally, our client was absolutely delighted with this successful outcome, which allowed the company to resume its business development, investment and expansion plans which had been placed on hold as a result of the AFOs.
How Can We Assist You?
KANGS has extensive experience, gained over many years assisting clients who have been subjected to Suspicious Activity Reports, Account Freezing Orders and all other forms of financial restrictions, injunctions or proceedings available to the enforcing authorities under legislation such as the Proceeds of Crime Act 2002.
Our defence solicitors have an established and respected reputation nationwide for their expertise in financial investigations. 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.
If we can be of assistance, our team would be delighted to assist, please contact us on the details below:
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.
