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Prove It or Lose It: Lost It! NCA Uses New Powers to Freeze Accounts and Secure Substantial Asset Forfeiture

By Anne-Marie Ottaway, Gareth Hall & Barry Vitou on February 12, 2019
Posted in account freezing order, criminal law, FCA, Financial Conduct Authority, National Crime Agency, White collar

On 7 February 2019, the UK’s National Crime Agency (NCA) confirmed that it had obtained account forfeiture orders over money held in bank accounts in the name of the former Moldovan prime minister’s son, Vlad Luca Filat.

Part III of our ‘Prove It or Lose It’ series anticipated the use of these draconian new powers of UK law enforcement authorities to obtain orders to freeze bank accounts and to apply for the forfeiture of money held in those accounts, where there are reasonable grounds to suspect that the money constitutes recoverable property. These powers, which lack historically enshrined safeguards, were introduced as part of the Criminal Finances Act 2017, which substantially amends the Proceeds of Crime Act 2002.

Until now, these new powers had been given little publicity, although we predict the controversial new account freezing and forfeiture powers will be widely used. The order against Mr Filat is a high-profile example of the NCA’s intentions and has attracted a considerable amount of media attention.

To read the full GT Alert, click here.

Tags: account freezing order, Anne-Marie Ottaway, Barry Vitou, civil recovery order, Gareth R. Hall, Greenberg Traurig, gt london, gtlaw, gt_law, UK, white collar
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Photo of Anne-Marie Ottaway Anne-Marie Ottaway

Anne-Marie Ottaway focuses on white collar and economic crime and government and internal investigations. Acknowledged for her criminal defence work, Anne-Marie provides clients with advice on all aspects of investigations relating to allegations of fraud, bribery, and corruption, as well as providing advice…

Anne-Marie Ottaway focuses on white collar and economic crime and government and internal investigations. Acknowledged for her criminal defence work, Anne-Marie provides clients with advice on all aspects of investigations relating to allegations of fraud, bribery, and corruption, as well as providing advice in respect of the implementation of effective anti-fraud, bribery and corruption compliance programmes and related anti-money laundering issues. She is recognized by Chambers & Partners for her “growing reputation for defending corporate clients subject to fraud and bribery allegations.”

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Photo of Gareth Hall Gareth Hall

Gareth Hall has a range of experience representing clients throughout special investigations and criminal litigation. He has represented individuals subject to investigations conducted by the National Crime Agency (NCA), Her Majesty’s Revenue and Customs (HMRC) and the Serious Fraud Office (SFO) for a…

Gareth Hall has a range of experience representing clients throughout special investigations and criminal litigation. He has represented individuals subject to investigations conducted by the National Crime Agency (NCA), Her Majesty’s Revenue and Customs (HMRC) and the Serious Fraud Office (SFO) for a range of matters including complex conspiracies, fraud, money laundering and bribery. Gareth also has higher rights of audience and has appeared as an advocate, representing individuals in the Crown Court.

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Photo of Barry Vitou Barry Vitou

Barry Vitou is Co-Chair of the Global White Collar Criminal Defense Practice and head of London’s White Collar Defense & Special Investigations Practice, advising corporations and individuals in connection with compliance, pre-investigations, investigations, and prosecutions conducted by numerous law enforcement agencies. Barry frequently…

Barry Vitou is Co-Chair of the Global White Collar Criminal Defense Practice and head of London’s White Collar Defense & Special Investigations Practice, advising corporations and individuals in connection with compliance, pre-investigations, investigations, and prosecutions conducted by numerous law enforcement agencies. Barry frequently represents clients under investigation by U.K. and U.S. law enforcement agencies and prosecutors, including the U.K.’s Serious Fraud Office (SFO), the Financial Conduct Authority, the Information Commissioner’s Office, the U.S. Department of Justice (DOJ), and the U.S. Securities and Exchange Commission (SEC). Barry regularly appears on television and radio, discussing the topics of corruption, money laundering, and the UK Bribery Act.

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