What Does It Mean To Freeze Assets And Bank Accounts?

It is the freezing of bank accounts and other financial assets of individuals who are specified in EU legal acts that is known as asset freezing. Such individuals may be affiliated with the Taliban, may be accountable for major breaches of human rights, or may be engaged in actions that threaten democracy and the rule of law on a large scale.

An account freeze is a measure taken by a financial institution or brokerage firm to prohibit certain transactions from taking place in the account. As a rule of thumb, all currently outstanding transactions will be annulled, and cheques submitted on a frozen account will not be recognized. The account holder, on the other hand, is still able to make deposits into the account.

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