Extensions of Moratorium Periods and How it Can Be Challenged – Drystone Chambers

Posted August 9th, 2018 in freezing injunctions, news, proceeds of crime, time limits by sally

‘The NCA now have the power to extend the moratorium period on Suspected Activity Reports (SAR) by 31 days, up to a total of 186 days. This is due to the amendment of the Proceeds of Crime Act 2002 (‘the Act’), by the Criminal Finance Act 2017. It is usually clear to an interested party when this is happening, due to delay from the banks in releasing their money. The banks cannot confirm this due to the tipping off provisions.’

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Drystone Chambers, July 2018

Source: drystone.com