Account Freezing Orders removed by Gherson’s White Collar Crime team

Gherson’s White Collar Crime team successfully persuades the relevant authority to promptly remove Account Freezing Orders over client’s accounts

We were approached by a hard-working couple with a young child after the relevant authority had persuaded the Court to impose Account Freezing Orders (“AFrOs”) over several of their bank accounts. This freeze on their accounts was having an ongoing devastating impact on both their business and personal lives.

Our clients were adamant that the funds in their accounts were not the proceeds of crime and that there was no evidence to suggest otherwise.

We assisted our clients in obtaining supporting evidence and made urgent representations, which included the supporting evidence, to the relevant authority.

Following further enquiries from the authority, we swiftly responded with additional urgent representations and documentary support.

Shortly thereafter, the authority confirmed that it would apply to set aside all the AFrOs and take no further action in relation to the frozen accounts.

Our clients were extremely grateful that we were able to persuade the relevant authority to set aside the AFrOs in such a short space of time.  The swift resolution meant that the couple could move forward with their lives.

What is an Account Freezing Order and Account Forfeiture Order?

In previous articles, we have extensively discussed what AFrOs and AFrOs are, as well as the use of AFrOs by the Serious Fraud Office:

What is an Account Freezing Order?

The rise and fall of the Serious Fraud Office’s Account Freezing Orders

How to Challenge an Account Freezing Order

We have also discussed what is a crypto wallet freezing order.

What does all this mean?

The relevant authorities are increasingly turning to AFrOs and AFrOs as means of disrupting alleged criminal conduct.

Prior to your bank account being made subject to an AFrO, you may have found that your account has been closed, which can be an indication of a whole host of other issues.

What can I do to try and challenge a wrong decision to close my personal and/or bank account(s)?

In the meantime, we are increasingly being approached by individuals who have been “de-banked” in circumstances when individuals feel that they have always acted in full compliance with the relevant bank account’s Terms and Conditions and all other legal and applicable rules and regulations.

We have previously written about how other issues individuals may face, including account closures, are not limited to political figures in the UK and affect many thousands of lawful individual and business customers every year.  These cases have exposed the difficult balance many financial institutions and their individual and business customers must strike to gain and maintain access to basic banking services.

To assist those whose accounts have been closed, Gherson’s financial crime, investigations and regulatory team have previously written blogs titled:

“Why has my bank account been closed”

“Why has my business bank account been closed?”

“140,000 SMEs “de-banked” last year – why could I have been de-banked?”

“What are the proposed new laws aimed at preventing de-banking?”

“Why the proposed new laws to try and prevent de-banking to not go far enough”.

“Am I entitled to a basic bank account in the UK?”

“How to challenge crypto-related bank account closures”

What can I do to try and challenge a wrong-imposed CIFAS marker

We are also being increasingly approached by individuals who feel that a financial institution has wrongly imposed a CIFAS marker against their name.

If you have always acted in full compliance with your bank account’s Terms and Conditions and all other applicable legal rules and regulations, then you should have a good basis to challenge the bank’s decision to implement any CIFAS markers.

A strong challenge will often involve demonstrating through evidence that you have not breached the bank’s Terms and Conditions or any rules and regulations, and that all transactions were at all times carried out in full compliance will all applicable laws and regulations.

In a previous blog, we examined what a CIFAS marker is and how to try and get it removed, as well as what you can do if a CIFAS marker has been wrongly imposed.

We have also recently examined Challenging a crypto-related CIFAS Marker: what you can do.

NAVIGATING FINANCIAL INSTITUTION-RELATED CHALLENGES

Adverse information on compliance databases

We are also often approached by individuals who feel that incorrect and/or inaccurate data about them stored in compliance databases is having an adverse effect on their relationship with financial institutions and are facing subsequent issues, such as bank account closures or  difficulties in opening a bank account.

We have also written a series of blogs on a basic overview of the main functions of compliance databases like World-Check and how you can correct information about yourself on such databases?

HOW GHERSON CAN ASSIST

Gherson’s regulatory, white-collar and investigations team are highly experienced in providing assistance on what you can do if your bank freezes or closes your account.  This includes assisting you in submitting a request under data protection legislation, otherwise known as a Data Subject Access Request, to ascertain what information banks and other financial institutions may be holding on you and their decision making, and then analysing the response and assisting with any appropriate challenge.

If you have any questions arising from this blog, please do not hesitate to contact us for advice; send us an email at enquiries@gherson.co.uk or, alternatively, or alternatively, follow us on X, Facebook, or LinkedIn to stay-up-to-date.

The information in this blog is for general information purposes only and does not purport to be comprehensive or to provide legal advice.  Whilst every effort is made to ensure the information and law is current as of the date of publication it should be stressed that, due to the passage of time, this does not necessarily reflect the present legal position.  Gherson accepts no responsibility for loss which may arise from accessing or reliance on information contained in this blog.  For formal advice on the current law please do not hesitate to contact Gherson.  Legal advice is only provided pursuant to a written agreement, identified as such, and signed by the client and by or on behalf of Gherson.

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