Login to AFB Member Portal
Forgot login details? Recover your login details/create a password
18/07/2024
The opinions expressed in this blog are those of the authors. They do not necessarily reflect the views or positions of AFB or its members.
As freezing order regimes become increasingly complex around the world, AFB members and banks in general must ensure they understand these requirements and their duties to comply with such orders across jurisdictions.
A freezing order is an interim injunction granted by a court to prevent a party from being able to dispose of or deal with their assets in that jurisdiction before a judgment has been enforced. The type of assets covered can be wide-ranging, including bank accounts, shares, and property. In certain cases, freezing orders may be granted that cover a party’s assets around the world, known as a Worldwide Freezing Order (WFO).
"The type of assets covered can be wide-ranging, including bank accounts, shares, and property."
As third parties who may hold respondents’ assets, banks are often impacted by freezing orders. Once notified of an order, banks are required to not knowingly assist or permit the respondent from dealing with their assets under the conditions of the order.
To help navigate these complex regimes, Evershed Sutherlands’ new guide provides a fully interactive overview of civil freezing orders and their local law equivalents in 90 jurisdictions worldwide. For each jurisdiction, the guide sets out the process and requirements for obtaining freezing orders, and the types of assets which can be frozen, amongst other things. It also clarifies whether freezing orders approved in each jurisdiction can be enforced abroad and whether orders from overseas jurisdictions can be enforced in the relevant jurisdiction.
For banks, the guide provides helpful information on the duties of third parties to freezing orders and the penalties for breaching such orders, including whether each jurisdiction considers banks to have a legal ‘duty of care’ to the claimant. The guide also sets out the standard exceptions granted by each jurisdiction, which may allow the respondent to continue drawing on their assets under certain conditions.
As a global top 10 law practice, Eversheds Sutherland provides legal advice and solutions to an international client base and Financial Services is their biggest industry sector. The firm’s multi-disciplinary team consists of lawyers and regulatory consultants who have worked for the sector for many years as well as individuals who have previously worked at the FCA in supervision and enforcement.
Read Eversheds Sutherland's new guide on freezing orders23/09/2024
18/09/2024
30/07/2024
04/07/2024
07/06/2024
24/01/2024
Forgot login details? Recover your login details/create a password