The Criminal Finances Act 2017 granted police and investigating authorities new powers relating to those under suspicion of financial misconduct. Account Freezing and Forfeiture Orders (AFFOs) are now used frequently by enforcement agencies – leading to the forfeiture of the contents of bank and building society accounts.
The Criminal Finances Act 2017 granted police and investigating authorities new powers relating to those under suspicion of financial misconduct. Account Freezing and Forfeiture Orders (AFFOs) are now used frequently by enforcement agencies – leading to the forfeiture of the contents of bank and building society accounts.
The National Crime Agency and HMRC, amongst others, will take advantage of the relatively low threshold required to freeze target accounts. The first time the account holder may become aware of this is often a failed transaction and the power to keep the account frozen can persist for two years or more. Substantial damage and disruption to individuals and businesses inevitably flows and the sudden restriction of resources can be highly stressful.
We have assisted clients to release the grip of AFFOs since their inception as an enforcement tool. Resisting these procedures requires shrewd tactical practice and an intimate knowledge of the Proceeds of Crime Act 2002.
Unexplained Wealth Orders (UWOs) were also introduced by the same legislation and extend law enforcement powers even further to seize assets where there are reasonable grounds to supsect that the asset has been purchased with funds from an illegitimate source.
UWOs have been made against politically exposed persons as well as corporate bodies. They require a robust response. It can also be the case that third parties are drawn into the constraints of UWOs and we are able to distinguish the rights to assets of those clients who find themselves in this position.
Contact Us
For expert advice and representation, call us today at 020 7613 1402 or complete our online enquiry form and one of our lawyers will be in touch as soon as possible.
- Recommendations
- Expertise
- Insights
“A cut above the rest and a force to be reckoned with”
“Ronald Fletcher Baker LLP have the benefit of real coalface experience, with a professionalism rarely found”
“They are committed to providing an excellent service to their clients”
“Exceptional”