The Financial Conduct Authority (FCA) recently announced an investigation into NatWest Bank’s alleged failure to comply with money laundering regulations. The case concerns a number of high value deposits into customer bank accounts amounting to £365 million. The FCA alleges that NatWest failed to adequately monitor and scrutinise this potentially criminal activity between 2011 and […]
Suspected Money Launderer Loses £10 million to Unexplained Wealth Order
A suspected major money launderer surrendered around £10 million worth of property after being served with an Unexplained Wealth Order (UWO) by investigators from the National Crime Agency (NCA). Leeds businessman Mansoor Mahmood Hussain is believed to have acted closely with gangsters and criminals, laundering their profits through a property empire that has been operating […]
Unexplained Wealth Orders explained
Unexplained Wealth Orders (UWOs) became law in the UK in January 2018 as part of the Criminal Finances Act 2017. It is a court order compelling an individual to reveal the source or sources of their ‘unexplained wealth’. The first use of a UWO in the UK hit the headlines recently. As the National Crime Agency (NCA) looks […]
