HONG KONG: COURT RULES THE LONGSTANDING USE OF “LETTERS OF NO CONSENT” TO INFORMALLY FREEZE BANK ACCOUNTS SUSPECTED OF HARBOURING THE PROCEEDS OF CRIME IS UNLAWFUL

An article from Hogan Lovells was concerned with a recent court case in Hong Kong and a decision which it says may mean extra costs and expense for victims of cyber fraud scams, whose only choice now may be to seek urgent injunctive relief through the courts to try to prevent the dissipation of assets.  The court had agreed with the applicants that the public had been left under-protected in terms of their “fundamental right to use their own property in the form of funds held in a bank account” through the practice, which had grown up as a means to combat money laundering and facilitate the confiscation of the proceeds of crime.

https://www.engage.hoganlovells.com/knowledgeservices/viewContent.action?key=Ec8teaJ9Vaq4r3kksfh8JcxgHJMKLFEppVpbbVX%2B3OXcP3PYxlq7sZUjdbSm5FIetvAtgf1eVU8%3D&nav=FRbANEucS95NMLRN47z%2BeeOgEFCt8EGQ0qFfoEM4UR4%3D&emailtofriendview=true&freeviewlink=true

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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