The company provided trading services in financial futures. They became concerned as to the integrity of their client, and its relationship with shareholders and other companies where parties came to be arrested for fraud in the US. They sought a declaration that funds they had received were not the proceeds of criminal conduct.
Held: The new power to grant an interim declaration is unexplored, but commended in Bank of Scotland -v- A. Nevertheless the approach adopted by the claimant in this case was inappropriate. They should have waited until other proceedings commenced, and then contested them. It was not appropriate to seek to require from police justification for not consenting to dealing with funds.
Citations:
[2003] EWHC 703 (Comm), [2003] 1 WLR 2711
Links:
Statutes:
Proceeds of Crime Act 1995 903A, Civil Procedure Rules 25.2(1)(b
Jurisdiction:
England and Wales
Citing:
Cited – Riverside Mental Health NHS Trust v Fox CA 28-Oct-1993
An interim declaratory order is unknown to English Law and and ‘consequently the court has no jurisdiction to grant an interim declaratory order’. . .
Cited – Bank of Scotland v A Ltd and Others (Serious Fraud Office, Interested Party) CA 6-Feb-2001
A bank, having been informed that the activities of a customer involved money laundering, found itself in a position where, if it paid out the funds, it would face conviction, but if it failed to do so, it be found to be involved in tipping off the . .
Cited by:
Cited – K Ltd v National Westminster Bank Plc and others CA 19-Jul-2006
The bank had declined to act upon a customer’s instructions, reporting its suspicions of criminal activity to the police. Permission was given to proceed but only after a delay. The claimant customer sought its costs.
Held: The customer’s . .
Lists of cited by and citing cases may be incomplete.
Criminal Practice, Financial Services, Civil Procedure Rules
Updated: 07 June 2022; Ref: scu.181955