FROZEN BANK ACCOUNT - UNFREEZING YOUR BANK ACCOUNT

If you have found that your bank account has been frozen you will usually find that the bank will not even tell you why they have frozen the accounts or how long your funds will be unavailable to you. The action can be devastating for your life and business. Under the Proceeds of Crime Act 2002 (as amended by the Criminal Finance Act 2017) the bank has a duty to freeze the account and make a report to the National Crime Agency (NCA) which will have 7 days to confirm if it wishes to investigate further. Assuming NCA does so then the account will remain frozen for a further 42 days. The NCA (or other specified authority) can further apply to a magistrates court for an Account Freezing Order on the basis that they need more time to carry out investigations into the funds in your account.

In dealing with frozen accounts and Account Freezing Orders we have find that a prompt and transparent account of the sources and use of funds is most effective in getting accounts unfrozen. The relevant body e.g. HMRC may have raise a number of queries about transactions and a prompt and full response usually assists address the investigator’s concerns and also instil confidence that our client’s financial activities are legitimate.

If you face a frozen bank account we can assist. Please call us on 07894219314 or 0208858 5996 or email winston.brown@brownandcosolicitors.co.uk