When can your bank accounts be blocked? - Financial Intelligence Agency, under the "loupe" of transactions. Right of suspension
The Financial Intelligence Agency will have full powers to suspend the use of bank accounts by individuals and businesses, as well as to preemptively suspend various transactions when they are suspected of being related to money laundering.
The draft law on "Prevention of Money Laundering and Financing of Terrorism" empowers the Financial Intelligence Agency to take urgent measures, directly or indirectly, when there is a suspicion that a transaction is related to money laundering, financing of terrorism or financing of weapons of mass destruction, to block or not give consent to the execution of this transaction.
In cases where the need to suspend or withhold consent to carry out a transaction is established based on a suspicion reported by the obligated entity, the suspension or withholding of consent is communicated to the obligated entity within the deadlines provided for by this law.
When the need to suspend the transaction is based on the financial analysis carried out by the Financial Intelligence Agency, regardless of whether or not a report has been previously submitted by the obliged entity, the suspension shall be decided as soon as possible by the Financial Intelligence Agency.
The suspension or refusal to grant consent to carry out a transaction is decided by the Financial Intelligence Agency for the purpose of safeguarding funds, conducting financial analysis, including transaction analysis, assessing whether the suspicion is confirmed and, in case of confirmation, notifying the results of the analysis to the relevant competent authorities, in order to take appropriate measures.
The duration of the suspension cannot exceed 10 working days.
Also, when there is a suspicion that a bank account or payment account, a virtual asset account or a business relationship is related to money laundering, terrorist financing or the financing of weapons of mass destruction, the Financial Intelligence Agency has the authority to take urgent measures, directly or indirectly, to suspend the use of this account or to suspend the business relationship, in order to preserve the funds, conduct financial analyses, assess whether the suspicion is confirmed and, in case of confirmation, notify the results of the analyses to the relevant competent authorities, in order to take appropriate measures.
The suspension shall be applied for a maximum period of 72 hours, in accordance with this law. The Financial Intelligence Agency has the right to lift the suspension at any time, when it determines that this measure is no longer necessary for the purposes of safeguarding funds and conducting financial analysis.
These measures aim to prevent money laundering in various sectors of the economy.
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