You are currently viewing our desktop site, do you want to download our app instead?
Moneyweb Android App Moneyweb iOS App Moneyweb Mobile Web App
Join our mailing list to receive top business news every weekday morning.

Drugs, guns and robberies lead to freezes on 8 UK properties

The properties amount to £10m.
The eight properties are owned by an unidentified businessman in the north of England. Picture: Dan Kitwood, Getty Images

A UK 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 organised crime, the NCA said.

“We will use all the powers available to us to target those we believe are trying to launder money through the property market,” Graeme Biggar, director general of the National Economic Crime Centre, said in the statement. “Our aim is to prevent misuse of the UK’s financial structures which undermines the integrity of the UK’s economy and institutions.”

© 2019 Bloomberg L.P.

Get access to Moneyweb's financial intelligence and support quality journalism for only
R63/month or R630/year.
Sign up here, cancel at any time.

COMMENTS   0

You must be signed in to comment.

SIGN IN SIGN UP

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR

Podcasts

NEWSLETTERS WEB APP SHOP PORTFOLIO TOOL TRENDING CPD HUB

Follow us:

Search Articles:Advanced Search
Click a Company: