All Financial Institutions are obliged to file a Suspicious Activity Report (‘SAR’) with the National Crime Agency (‘the NCA’) when they suspect the presence of criminal activity such as money laundering.
Upon receipt of a SAR, the NCA can refuse consent for the transaction to proceed and a ‘moratorium period’ (‘a moratorium period’) of thirty-one days is activated.
Tim Thompson of Kangs Solicitors briefly outlines the nature of a moratorium period.
Kangs Solicitors is highly regarded for assisting clients facing both criminal and civil proceedings involving Financial Seizure and Recovery Proceedings and, amongst other awards, has been ranked nationally for ‘POCA and Asset Forfeiture work’ by Chambers & Partners since 2014.
Our team is led by Hamraj Kang recognised as a leading expert in the field by both legal directories Chambers & Partners and the Legal 500 and other members of the team are also ranked in the same directories.
For an initial no obligation discussion, please call our Team at any of our offices detailed below:
Operation of a Moratorium Period | Kangs Money Laundering Offences Defence Solicitors
- Upon receipt of a SAR, if the NCA refuses consent the financial institution is permitted to halt the transaction in question with the result that it will freeze the assets within the relevant bank account.
- The moratorium period provides time for those investigating to examine the details of the suspicious transaction.
- Should the moratorium period be insufficient to conclude the investigation, the authorities need to apply to the Crown Court for an extension of the moratorium period.
- The moratorium period can only be extended by subsequent periods of thirty-one days up to a maximum period of six months.
- Any application to extend must comply with Section 336A Proceeds of Crime Act 2002, which states:
‘The court may, on an application under this section, grant an extension of a moratorium period if satisfied that—
(a) an investigation is being carried out in relation to a relevant disclosure (but has not been completed),
(b) the investigation is being conducted diligently and expeditiously,
(c) further time is needed for conducting the investigation, and
(d) it is reasonable in all the circumstances for the moratorium period to be extended.’
How Can We Help? | Kangs Financial Fraud Offences Defence Solicitors
The Team at Kangs Solicitors is highly experienced in defending all manner of financial applications including those brought under the Proceeds of Crime Act.
It is essential that you have the support and guidance of experienced solicitors from the outset if you are faced with any of the following issues:
- Account Freezing Order
- Cash Seizure
- Financial Restraint Proceedings
- Civil Recovery & Property Freezing Order
- Unexplained Wealth Order
Please do not hesitate to contact any of the following who will be happy to discuss your matter with you: