.png)
On March 10th the final three members of a money laundering network were sentenced in Kingston Crown Court. The network had been investigated for five years by the Organised Crime Partnership - a joint unit of the National Crime Agency and the Metropolitan Police Service.
The network had laundered a total of £70m for organised crime. They used shell companies and bank accounts in different countries as well as the trade in pre-owned luxury watches to launder criminal cash.
The investigators used a combination of surveillance and analysis of banking records and Companies' House data to gather evidence. The leaders of the network had also fraudulently claimed Bounce Back Loans of a total of £10m for various shell companies during the pandemic, the proceeds of which were also laundered.
In total ten members of the network have now been sentenced to various fines and prison sentences. The proceeds of crime investigation is ongoing, with so far four bank accounts having been subject to freezing orders and confiscation.
[Press Release] Network behind £70m criminal money laundering service dismantled, NCA, March 10, 2023 www.nationalcrimeagency.gov.uk/news/network-behind-70m-criminal-money-laundering-service-dismantled
#moneylaundering #financialcrime #organizedcrime #criminalnetworks #lawenforcement #crimeprevention #moneylaunderinginvestigation #anti-moneylaundering #AML #fraudprevention #cybercrime #organizedcrime #criminalinvestigation #crimefighting #policing #crimematters #crime #crimeawareness #UK #NCA #metropolitanpolice #CCO #corporatecrimeobservatory