Account holders in Czech banks periodically face a very unpleasant and business-threatening problem — blocked funds or even closed accounts, often without warning or explanation from the bank's representatives.
Due to the tightening of legislation regulating banking activities (including account management), the most common reason for blocking funds at present is suspicion of money laundering or terrorist financing by the Financial Analytical Department of the Ministry of Finance of the Czech Republic (FAÚ).
Strict Czech and European Union legislation obliges the bank to notify FAÚ of any “suspicious incoming or outgoing payments” without notifying the client, this ensures that information about the entities involved and the origin and destination of the transferred funds can be gathered quickly and without obstruction. Every year the number of orders on blocked accounts grows. Often, the entire blocking process takes a few days, but most often the funds are blocked for an extended period, thus preventing withdrawal of funds from the account, and threatening the very survival of the business. The decision to freeze funds may also lead to the initiation of a criminal case in connection with any attempt to utilise the proceeds from illegal activities and / or fraud (Articles 216 and 209 of the Criminal Code of the Czech Republic) on the basis of a complaint filed by FAÚ with the police or the prosecutor's office.
If you are faced with this situation, the main thing is not to panic but to immediately seek qualified help, since people who do not have professional knowledge in this area have practically no chance of solving this problem on their own. Zaripov & Partners attorneys have extensive experience in providing services for unblocking money in an account. We know which authorities you need to contact, how to draw up and submit all the necessary documents. Thanks to our established contacts, the process of cancelling an account blocking or withdrawing funds will take relatively little time.