Money laundering: UK arrests former PEP with £8 million property portfolio
21 Sep 2018

Officers from the United Kingdom’s National Crime Agency’s (NCA) International Corruption Unit (ICU) have arrested a former Pakistani politically exposed person (PEP) and his wife over alleged money laundering.

The funds in question are believed to have been acquired as a result of corruption in Pakistan, said the NCA, which also stated that the couple controls a £8 million property portfolio ‘for which they appear to have no legitimate source of income.’

The couple were questioned by NCA officers and have now been released under investigation.

The case could be one of the government using new unexplained wealth orders, under which authorities can demand a person suspected of a crime explain how they acquired their wealth.

News of the arrest comes about the time when the UK Foreign Office announced that the UK and Pakistan have entered into a partnership to combat money laundering.

Under newly appointed Prime Minister Imran Khan, Pakistan says it is determined to see money and assets stolen from
Pakistan returned from Britain.

British Home Secretary Sajid Javid who met Khan and discussed the issue, said: “The UK and Pakistan have an important partnership. Our shared history and the 2% of the British population who, like me, trace their roots back to Pakistan, mean that we have uniquely strong ties to this country.”

“We firmly believe that the UK is Pakistan’s most committed and enduring partner, that is why today I am delighted to announce a new Justice and Accountability Partnership. Corruption reduces tax and is a barrier to investment.”

Photo: This is a file photo and the property is not linked to the assets mentioned in the article.

– Irene Madongo

Advance your CPD minutes for reading this article, by signing up and using the CPD Wallet

FREE CPD Wallet
Must Read

Bearing witness to financial crime, across party lines

If it seems like an odd recipe for financial oversight, it’s also a surprisingly effective one: take five to ten congressional staffers, exile them to a squalid basement office with “hard-boiled” charm in the U.S. Senate’s oldest building, give them access to subpoena powers and a seemingly endless series of… Read More

Anti-money laundering analysis: UK FCA and EU blacklists update

A key element in the application of the risk-based approach (RBA) to financial crime is the identification by a firm of those countries with which its customers are closely linked and which are also adjudged to be high risk in financial crime terms. There are many lists of such high-risk… Read More