NCA Freezes £80m Of Prime London Property

Three Unexplained Wealth Orders have been obtained as part of a National Crime Agency investigation into London property linked to what they describe as ‘a politically exposed person believed to be involved in serious crime.’

The UWOs, obtained at the High Court, relate to three homes in prime locations originally bought for over £80m and held by offshore companies. The people and properties involved have not been disclosed. Their owners will now have to explain how the properties were obtained and Interim Freezing Orders mean they cannot be sold in the meantime.

Graeme Biggar, Director General of the National Economic Crime Centre said: “The purchase of prime property in London is a tactic used to launder money and we will use all the powers available to us to target those who try to do this. 

“A priority for the NECC is to ensure we explore every opportunity to deny assets linked to illicit finance. Our aim is to prevent misuse of the UK’s financial structures which undermines the integrity of the UK’s economy and institutions.”

The suggestion that prime London property is used as a way to launder and bank wealth will come as no surprise to most. The fact that this is only the second time such orders have been used may.

Source NCA
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