International money laundering network dismantled

On July 11, 2024, the National Crime Agency (NCA) secured a Recovery Order for £1,079,000 from accounts tied to an international money laundering network. This concluded a civil investigation into Gregory Candy-Wallace's assets, which were allegedly used by a crime group to divert PAYE and NIC payments from HMRC. The NCA revealed that over £50 million was laundered through complex transfers involving UK, Hong Kong, and Taiwanese accounts.

A settlement on June 19, 2024, avoided a High Court trial. The NCA recovered a £1.7 million Eastbourne property, five UK bank accounts totaling £1.2 million, and earlier recovered £1.7 million from Foxton Wren Ltd and Moneo Solutions Ltd, totaling £5.8 million. Adrian Searle of the NCA emphasized the threat of money laundering to the UK economy, stating, “The abuse of UK and offshore company accounts to facilitate money laundering represents a significant threat to the UK economy, adding costs to our financial system and threatening the UK’s reputation as a world financial centre. The NCA uses all the powers at its disposal, both criminal and civil, to pursue the laundered assets and bring those involved to justice.”

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