UK: Multi-agency day of action to freeze 95 bank accounts suspected of laundering millions


February 28 2019

A day of action coordinated by the newly formed National Economic Crime Centre (NECC) will seek to freeze 95 bank accounts containing an estimated £3.6m.

The money in the accounts is suspected to be either the proceeds of crime or intended to be used for criminal purposes.

The accounts are held mainly by overseas students studying in the UK who may be unaware that operating a bank account in this manner is potentially illegal. The accounts were identified by a bank as part of their anti-money laundering processes and officers from the NECC assess that the students are likely to have been targeted by organised crime groups, specifically to launder the proceeds of crime.