Author: Azizur Rahman 28 May 2020
With the year 2019-20 having seen HM Revenue and Customs freeze 166 bank and building society accounts containing £19.5M in total, the Financial Times asked Rahman Ravelli’s Aziz Rahman to explain the popularity of account freezing orders.
Aziz told the FT that account freezing orders were likely to be popular with HMRC because of their simplicity, as they are fairly easy to obtain. He also stated that HMRC will be keen to use them on a regular basis because they have proved effective in freezing funds that are believed to be the proceeds of crime; having been used in a number of high-profile successes for the agency.
This goes some way to explaining why the total number of such orders in 2019-20 was more than double the total for the previous year.
The full Financial Times article can be read here (Subscription required).
Aziz Rahman is Senior Partner at Rahman Ravelli and its founder. His ability to coordinate national, international and multi-agency defences has led to success in some of the most significant corporate crime cases of this century and top rankings in international legal guides. He is recognised worldwide as one of the most capable legal experts regarding top-level, high-value commercial and financial disputes.