Successful Removal of an Account Freezing Order Following a Suspicious Activity Report
Account Freezing Orders are often obtained under the Proceeds of Crime Act 2002 by law enforcement agencies such as the National Crime Agency, Serious Fraud Office or HMRC, where there are reasonable grounds to suspect that funds are intended for use in unlawful conduct or constitute recoverable property. However, suspicion alone is not sufficient to justify the permanent forfeiture of funds.
Where there is legitimate evidence explaining the source and intended use of the funds, an Account Freezing Order can often be challenged. Obtaining early legal advice from a solicitor specialising in financial crime can make a significant difference to the outcome of both the investigation and any subsequent proceedings.
Suspicious Activity Reports (SARs) are formal reports submitted to the UK Financial Intelligence Unit. They provide a mechanism through which financial institutions can alert law enforcement agencies to suspected money laundering, terrorist financing and other criminal activity.
A SAR report may result in an individuals or businesses bank account being frozen while enquiries are carried out, but this does not, in itself, establish that any criminal offence has been committed.
Challenging an Account Freezing Order
The following case outlines how KANGS successfully assisted our client, a Nigerian national who recently moved to the UK with his family, secure the removal an Account Freezing Order which had been obtained over his personal bank account by the Avon and Somerset Police.
The Account Freezing Order had been obtained following the submission of a Suspicious Activity Report by his bank following the receipt of funds into his account, amounting to approximately three hundred thousand pounds over a short period of time, from nearly forty different sources.
Given our client’s immigration and employment status, it was suspected that the funds may either have represented the proceeds of crime or have been intended for use in criminal conduct.
Nazaqat Maqsoom of KANGS shares how this successful outcome was achieved.
How We Assisted Our client
Having attended upon our client taking his detailed instructions, discussing the provenance of his funds and advising upon the appropriate course to adopt to seek the removal of the Freezing Order, the team at KANGS:
- examined all relevant documents, including legal and conveyancing documents,
- conducted a detailed analysis of the banking material,
- contacted over twenty witnesses obtaining the essential evidence which supported our client’s account,
- dealt with discrete and sensitive issues relating to international money transfers via third party transfer systems, and documents originating from outside the UK legal jurisdiction,
- prepared our client’s extensive and detailed Witness Statement addressing the allegations raised, explaining the origin of the funds which had been received, their intended use and highlighting materially incorrect assumptions and assertions upon which the Police were relying.
The Highly Successful Outcome
Once Avon and Somerset Police had considered the substantial evidence meticulously prepared by the team at KANGS, they conceded their position and accepted the legitimacy of the transfers of funds into our client’s account. They then secured the immediate withdrawal of the Account Freezing Order, enabling the release of the frozen funds to our client.
Our client was greatly relieved with this successful outcome which enabled him to purchase a home for his family in the UK.
How Can We Help 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 form of financial restriction, injunction or proceedings available to the enforcing authorities under the Proceeds of Crime Act 2002.
Our financial crime solicitors have a national and international reputation for their expertise in financial investigations and are recognised in leading directories 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.
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.
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