Author： Davidson N. R. W.
Publisher： Emerald Group Publishing Ltd
ISSN： 1359-0790
Source： Journal of Financial Crime, Vol.12, Iss.3, 2005-07, pp. : 209-216
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Abstract
Raises the problem for a bank asked by a third party to freeze the funds of a customer, with special reference to New Zealand; the bank faces liability whichever decision it makes. Mentions the Royal Brunei Airlines and Twinsectra cases, and details a case study (US International Marketing Ltd v National Bank of New Zealand) where the bank refused to transfer a customer?s funds because of a third party request; the customer?s appeal was upheld. Concludes that banks must have ?sufficient factual foundation? before they can refuse to comply with a customer?s request for a transfer of funds.
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