Associate Maria Cronin discusses new account freezing orders and whether these are open to abuse in Financial Reporter
Since 31 January 2018, UK law enforcement has had a number of new powers at its disposal, introduced into the Proceeds of Crime Act 2002 by the Criminal Finances Act 2017. These provide UK law enforcement with potentially ground-breaking new powers to freeze and recover the alleged proceeds of crime. Whilst there has been significant focus on Unexplained Wealth Orders (introduced by the same Act), it is likely that these lesser known provisions, which involve the freezing and forfeiture of money held in bank and building society accounts, will prove of most relevance and concern to financial institutions and bank account holders. This also signals a change in approach by UK law enforcement, with civil recovery set to become the new norm. Read more.