19 Jul 2019
A U.K. court froze 10 million pounds ($12.5 million) of property that authorities suspect was bought with money from drug trafficking, armed robberies and supplying firearms.
On July 12, the National Crime Agency secured a so-called Unexplained Wealth Order against eight properties owned by an unidentified businessman in the north of England, requiring the holder to reveal the source of the funds used to purchase the assets, the agency said Thursday in a statement. The court also approved an interim freezing order, that blocks the properties from being sold, transferred or divested as long as the investigation continues, it said.
This is only the second year the authority can use UWOs, which for the first time place the onus of proof onto the suspect. After getting UWOs on properties held by two other politically exposed people, this is initial order that’s been granted in connection with allegations of serious organized crime, the NCA said.
By Franz Wild, Bloomberg, 18 July 2019
Read more at Bloomberg
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