When is a Bank Account not a Bank Account Under Account Freezing and Forfeiture Orders? – Drystone Chambers

Posted October 29th, 2019 in banking, forfeiture, news, proceeds of crime by sally

‘As part of my series on AFO’s I am going to discuss what accounts can be frozen by Account Freezing Orders (‘AFO’s). Although the requirements under section 303Z5 setting out what a bank is seem straightforward, it can be hard in practice to determine when a bank account is not a bank account. It has, in my experience, caused a number of AFO’s to be discharged; this is where orders have frozen Forex trading accounts, ISA fund accounts, or other accounts which contain money but do not.’

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Drystone Chambers, October 2019

Source: drystone.com