Actions Involved When a Prosecutor Instructs a Bank to Freeze Assets and Bank Accounts

CF

When a prosecutor instructs a bank to freeze the assets and bank accounts held by one of its clients, several actions are involved. The following are the three actions involved in this process:

1. Ensure the client and beneficiaries are unable to access any frozen assets during the freeze order: The bank is required to freeze all of the assets and accounts of the client as per the prosecutor's instructions. This means that the client will not be able to access any funds or assets held in their name or under their control during the freeze order period. The beneficiaries of the client, such as family members or other related parties, will also be unable to access any assets or funds that have been frozen.

2. The institution should obtain a copy of the court order to freeze the assets of the named individuals: The bank needs to obtain a copy of the court order or other official documentation that instructs the bank to freeze the assets and accounts of the client. This documentation is usually provided by the prosecutor or a court of law. The bank should review this documentation to ensure that it is valid, and that the freeze order has been issued lawfully and in accordance with relevant laws and regulations.

3. Inform other banks in the same geographical area to freeze the client's assets if they are a member of that bank, too: If the client holds accounts or assets with other banks in the same geographical area, the bank that has received the freeze order should inform these other banks about the freeze order. This is to ensure that the client's assets are frozen across all of the banks they hold accounts with. The other banks will then be required to freeze the client's assets in accordance with the instructions provided by the prosecutor or court of law.

The following options are not accurate:

• Option B is not accurate as extending the account and asset freeze to the client's family members as a precautionary measure is not necessary unless they are also suspected of being involved in criminal activities.
• Option D is not accurate as the bank is legally required to comply with the prosecutor's instructions and cannot refuse to do so simply because it is difficult or complex to access the assets.
• Option E is not accurate as the bank may receive a court order or other official documentation instructing it to freeze the assets and accounts, and an affidavit is not always required.