Banking Law

Asset Forfeiture is Not Always The Final Call

1 Mins read

There’s always the risk for bank account closure during a money transfer from Iran, yet that doesn’t mean it is always the final goodbyes to the received funds. In fact, there was a recent case in the UK in which a total asset of 440,000 UK Pounds were frozen in various Iranian account holders. The funds had been frozen for over a year and just when hope was being lost, Ronald Fletcher Baker LLP came to the rescue. Rokhsareh Vahid and Piers Desser vouched for their clients and full heartedly fought for their rights. 

As stated on their website,

“Our clients had received funds from Iran into their accounts through a money exchange company based in Iran and the West Yorkshire Police had frozen and sought forfeiture of over £440,000 in the accounts. The funds had been frozen for about 16 months and the case was scheduled for a final hearing on 3 March 2020. However, the West Yorkshire Police withdrew its application today after we made representations on behalf of our clients.”

So what’s the lesson to be learnt? 

Always monitor your bank regulations before dealing with any type of money transfer, but don’t lose hope in case you forget to take precautions. Asset forfeiture is definitely a pain, but there’s surely medicine for it. It all boils down to the right lawyer and in case you get yourself stuck in a forfeiture, know there’s usually a less visible plan B!

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