Article summary
Corporate Crime analysis: The High Court has thwarted attempts to set aside and vary Account Freezing Orders (AFOs) at Westminster Magistrates’ Court under the Proceeds of Crime Act 2002 (POCA 2002). The AFOs affected the assets of two UK companies associated with an individual, Petr Aven, who was designated under regulations made under the Sanctions and Anti-Money Laundering Act 2018 (SAMLA 2018) (specifically, the Russia (Sanctions) (EU Exit) Regulations 2019 (the RSRs 2019)), following similar measures in the EU. The variations sought, by making exclusions to the AFOs, to give effect to a licence granted under the RSRs by the Office for Financial Sanctions Implementation (OFSI), to enable payments to meet basic needs of Mr Aven and his family. As well as confirming the test for setting aside an AFO, the judgment offers various observations...
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