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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 70179
Experience:  Over 5 years in practice
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I am currently on pending an investigation by the city

Resolved Question:

I am currently on bale pending an investigation by the city of london police into an alleged fraud by misrepresentation and money laundering matter. I have been on bale for nearly 2 years and have had my personal and business accounts frozen however in the meantime I wanted to know if I am able to form another company in a totally different sector. (online retail) and open a company bank account etc. in order to pay myself a salary (within the conditions of a restraining order £1,000 per month) ?????
All help appreciated, Thanks Marc
Submitted: 2 years ago.
Category: Law
Expert:  Jo C. replied 2 years ago.
Hi.
Thank you for your question. My name is ***** ***** I will try to help with this.
What would you like to know about this?
Customer: replied 2 years ago.

Hi Jo,

I would like to know if I am able to form a new company, open a bank account and begin trading as an online jewellery and giftware retailer.

I have no idea if the police/cps are able to freeze the assets of the new company because they would think that the funds used to start this new venture would be tainted and therefore classed as laundering money......

Expert:  Jo C. replied 2 years ago.
Do they have any orders preventing you from doing so?
Are you bail conditions relevant?
Customer: replied 2 years ago.

I have a restraining order preventing me from disposing of any assets including the current company, and due to the outline of the criminal lifestyles act I am restricted to £1000 per calendar month to live on.

With regards ***** ***** bale conditions I have no conditions other than surrendering to the police station on the given bale dates going forward.

Expert:  Jo C. replied 2 years ago.
Then you are perfectly free to trade.
Its not the criminal investigation that is creating this situation. Its the proceeds of crime act matter. Your bail conditions have no relevance to your trading activities and they probably wouldn't get away with adding those conditions in court.
As long as you comply with the restraint conditions of £1k a month then that is fine. They cannot stop you lawfully trading.
Obviously it is important to hide nothing from them. If you do then that will just add fire to their suspicions.
Can I clarify anything for you?
Jo
Customer: replied 2 years ago.

I think you have answered my questions however I wanted to know if opening another personal bank account would be permissable under the circumstances seeing as it would have nothing to do with any dealings from the current investigation?

Expert:  Jo C. replied 2 years ago.
Its not prohibited upon the information that you have given me unless, of course, you secret it from them and act outside of the restraint order.
They cannot prevent you opening other accounts unless you are specifically on an order not to do so or, of course, you act unlawfully using them.
Customer: replied 2 years ago.

Thank you very much Jo, you've been very helpful and I appreciate your swift response.

Regards,

Marc

Expert:  Jo C. replied 2 years ago.
No problem and all the best.
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