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UK freezes GBP100 million suspected proceeds of foreign corruption

FCRO Subsection: 
Editorial Staff

The NCA has been granted freezing orders on eight bank accounts containing a total of more than GBP100 million, which is suspected to have derived from bribery and corruption in an overseas nation.

The Account Freezing Orders (AFOs) were obtained at Westminster Magistrates' Court on 12 August and represent the largest amount of money frozen using AFOs since they were introduced under the Criminal Finances Act 2017.

The orders will allow the NCA to further investigate the funds. If found to be derived from - or intended for use in - unlawful conduct, the NCA will seek to recover the money.

Approximately GBP20m held by a linked individual was frozen following a hearing in December 2018.

 


 

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