Frozen Bank Accounts and Suspicious Activity Reports
The Proceeds of Crime Act 2002 places positive obligations on the regulated sector to disclose the existence of suspicious transactions to the National Crime Agency ('NCA').
Such activity is disclosed via Suspicious Activity Reports ('SAR's). In practical terms, this means a transaction may be delayed (e.g. a bank account frozen/inhibited) whilst the matter is investigated by NCA. As notifying an individual or corporation of a SAR is an offence in its own right, one can be left in the dark and often without access to funds or redress.
This can cause significant inconvenience and/or disruption to individuals and businesses and may call for a robust response. In most instances a SAR will be cleared by the NCA, but in some cases it is the precursor to a criminal investigation or an application for an Account Freezing Order or a Restraint Order. Brett Wilson LLP is almost uniquely placed to advise and represent individuals and businesses on these matters and the interplay between criminal and civil proceedings.
If your bank account is under investigation, we can advise on potential causes of action against the bank or financial institution and provide ongoing assistance to you in respect of any subsequent investigation conducted by the police or the NCA. We can also advise and represent you in connection with any money laundering investigation.
Case Study/Briefing Note