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.
- 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.
||PR, LR, 2/13/2020; PR, LR, 1/13/2020
||AML; Anti-Bribery; Client Money; Compliance; Financial; Legal; Risk; Treasury
|Reg. Last Update
||AML & Enforcement
Last substantive update on 02/14/2020