Two jailed for £4m money laundering scheme uncovered by Barclays

Two men have been jailed for a total of 12 years and nine months following an international £2.4 million money laundering operation and attempt to launder a further £1.6 million. Following an investigation by the Met’s Economic Crime Unit, Vijaya Kumar Krishnasamy, 32, from Croydon, and Chandrasekar Nallayan, 44, of…

HMRC ramps up measures to tackle suspected criminal activity

HMRC is ramping up its use of new Account Freezing Orders (AFOs) and Forfeiture Orders (FOs) to tackle suspected criminal behaviour. Research by City law firm RPC shows that 166 orders to freeze accounts were issued by HMRC in 2019/20, up 177% from 60 the previous year. In addition, the…

NCA recovers $8 million linked to international organised crime

Millions of pounds of laundered criminal money has been recovered by the National Crime Agency (NCA) after an investigation into a corrupt Liberian business account. On 8 April 2020, the NCA issued a Notice of Forfeiture on the account’s balance of $8 million dollars (£6.4 million), which investigators argued was…

Firms can now defer AML supervision fee

Companies can now get a payment deferral or deregister from money laundering supervision due to Covid-19, the government has announced. If you are a business with an annual money laundering supervision fee due between 1 May and 30 September 2020 you may be able to: take a payment deferral for…

Looted money returned ‘with strings attached’

Some £250 million of cash stolen from Nigeria by former military dictator Sani Abacha has been returned by banks in the US and Jersey. The money returns with one proviso – that it is spent on the public good. The Nigeria government, who refer to the monies as ‘Abacha Loot…

Brewery employee jailed for money laundering

A former employee of St Austell Brewery has been jailed for five years for money laundering after she siphoned off more than £440,000 of company funds. Lesley Freestone, of Biscovey, Cornwall, was a purchase ledger supervisor for the 160-year-old Cornish brewery when she stole £444,329.16 from its bank account over…

‘Common approach to cryptoassets needed in EU’

Regulatory measures to ensure a common approach to regulating cryptoassets across the EU is needed, according to a new EU-backed study. The study highlights a number of areas where the regulation of cryptoassets could be strengthened, particularly in the European financial crime regime for virtual currencies, and in legislation governing…

Panama to be added to EU money-laundering blacklist

Panama, the Bahamas, and Mauritius are to be added to an EU blacklist of countries that “pose significant threats to the financial system of the European Union” on money-laundering grounds due to lax legislation at home, Reuters reports, citing a draft EU document. Barbados, Botswana, Cambodia, Ghana, Jamaica, Mongolia, Myanmar,…

Jail for money launderer who spent just four hours in UK

A driver who was caught trying to take nearly £300,000 criminal cash out of the UK just four hours after arriving into the country has been jailed. Mariusz Dorozynski, 33, from Zlotoryja in Poland, was initially bailed following his arrest for money laundering in June 2016, but he failed to…

FATF report tackles increased threat of money laundering

Criminal gangs are exploiting the chaos caused by the global Covid-19 crisis, with a hike fraud, cybercrime, misdirection or exploitation of government funds and money laundering being reported. In a new report, the Financial Action Task Force (FATF) says the pandemic is impacting on the ability of government and the…
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