UK uses Criminal Finances Act to seize $500m from HSBC account
28 Mar 2018

British authorities have used the new Criminal Finances Act to freeze half a billion US dollars that was illegally transferred from an Angolan bank to HSBC in the United Kingdom.

It is understood that when the $500m landed in the HSBC account, the British bank filed a suspicious activity report with the NCA, which went on to seize the money with the intention of returning it to Angola.

In an emailed statement, the NCA said it is investigating a US$500m fraud against an Angolan bank, and that: “In December 2017 and January 2018 the NCA made use of the new provisions within the Criminal Finances Act 2017 preventing the transfer of assets.

“The necessary authority has now been provided for the monies to be returned to the Angolan Authorities. The NCA’s investigation is on-going and we welcome the cooperation with the Angolan Authorities to date to bring about a successful resolution to this matter.”

The son of a former senior Angolan politician has reportedly been named as one of several suspects involved in the money transfer.

– Irene Madongo

Read more:

EU Sixth Anti-Money Laundering Directive (6AMLD) – Expert analysis of new EU measures

Confessions of a compliance officer: How I handled dodgy demands

US fines HSBC $175m over unsafe foreign exchange trading

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