This article delves into the controversial use of anti-terrorist legislation by the UK government to freeze the assets of Iceland’s Landsbanki during the 2008 financial crisis. The freezing order, designed to protect the UK’s economic stability, was issued under the Anti-terrorism, Crime and Security Act 2001, specifically sections 4 and 14. Marcus Killick questions whether these draconian powers, originally intended for counterterrorism measures, were suitable for dealing with a friendly nation’s financial crisis. They highlight the broad scope of the legislation and its potential for misuse. Drawing parallels with other instances of legislative overreach, the article warns against sacrificing civil liberties in the name of security.
Read the article: Bankers as Terrorists
(Article first published in Offshore Investment, 2008/9.)
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