UK NCA Account Freezing Order

On Jan. 13, UK NCA announced £1.13mn account freezing order.

  • UK NCA has obtained a £1.13 mn account freezing order as part of an investigation into a Leeds businessman with suspected links to serious organised criminals.
  • Granted on Jan. 9, 2020 at Westminster Magistrates Court, the order concerns an account connected to 500 M Ltd, a company linked to Mansoor Mahmood Hussain.
  • Account freezing order will prevent dissipation of the funds involved; orders preventing the relevant properties being sold, transferred etc. during investigation also granted.
  • Will enable the NCA to further investigate to ascertain whether or not funds derived from / are intended for use in unlawful conduct; if so will seek to recover the money.
  • Background
  • In Jul. 2019, as part of the same investigation, the NCA obtained an unexplained wealth order (UWO) relating to eight properties in the UK, purchased by Hussain.
  • Officers believe the purchases were funded by a number of criminal associates involved in drug trafficking, armed robberies and supplying firearms.
  • Hussain was ordered to reveal source of funding for the £10 million property portfolio.
  • Feb. 2020 Property Freezing Order
  • On Feb. 13, 2020, UK NCA announced that it has obtained a freezing order stopping the sale or transfer of 17 addresses as part of the ongoing investigation into Hussain.
  • Granted this week at the High Court, the Property Freezing Order (PFO) covers properties in Leeds, Cheshire and London worth approximately £10.5 million.
  • Application for the PFO followed Hussain's response and failure to comply with the requirements of the UWO; now includes nine further properties identified.
  • This non-compliance provided a case that the properties are the proceeds of crime.
  • The PFO will prevent the sale or transfer of the properties, and enable the NCA to further investigate the source of the funds used to make the original purchases.
  • If funds found to be derived from unlawful conduct, UK NCA may seek forfeiture.

Regulators UK NCA
Entity Types Bank; Corp
Reference PR, LR, 2/13/2020; PR, LR, 1/13/2020
Functions AML; Anti-Bribery; Client Money; Compliance; Financial; Legal; Risk; Treasury
Countries United Kingdom
Products Banking; Corporate
Regions EMEA
Rule Type Enforcement
Rule Date 1/13/2020
Effective Date 2/13/2020
Rule Id 70206
Linked to N/A
Reg. Last Update 2/13/2020
Report Section AML & Enforcement

Last substantive update on 02/14/2020