£6.4m of illicit funds held in City bank seized
20 May 2020

A total of £6.4 million of illicit cash held in a City bank account by criminals who falsely claimed to be running an African shipping company has been seized by the National Crime Agency (NCA).

The account was set up in the name of a Liberian company called The Albatross Limited and had been inherited by the German bank Commerzbank during a takeover.

It had remained unused for years and was identified by law enforcers as part of “a fund operated for tax evasion, money laundering, bribery and corruption” after a tip-off from the bank.

Suspicions had been aroused when an attempt was made to move the cash, which was supposedly to be used to operate large container ships, to a new account said to be for charitable donations.

By Martin Bentham, Evening Standard, 19 May 2020

Read more at Evening Standard

Photo (cropped and edited): ©Commerzbank AG/CC-BY-SA 3.0 (DE)

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