Category: banking

‘Last week, the National Crime Agency deployed account freezing orders to secure £190 million held in the UK. Malik Riaz, a property developer and one of the biggest employers in Pakistan, reportedly agreed to pay £190 million in order to conclude an investigation into the funds[1]. The agreement followed the obtaining, in August 2019, of eight account freezing orders at Westminster City Magistrates’ Court in connection with funds held in the UK totalling around £120 million (the final settlement includes a UK property valued at £50 million). The assets are to be returned to the State of Pakistan.’

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Doughty Street Chambers, 10th December 2019

Source: insights.doughtystreet.co.uk

‘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