what do the news mean when they say the goverment froze the bank accounts of a person?
In: Economics
It means that there is a law in that country that allows the government, probably in the firm of the police, to contact any banking institutions holding a person’s money, and inform them that nobody is allowed to access that money until the government or courts say otherwise. These institutions will be subject to large fines if they do allow anybody to access the money.
Not to mention huge pain in the ass investigations into what other banking laws are they breaking.
One of the reasons why rich naughty people spread their money internationally. You can’t freeze what you don’t know about. Or what’s outside your jurisdiction.
Latest Answers