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

Count reading this article to your CPD minutes, by signing up to our CPD Wallet

Must Read

The perfect AML programme: A ten point guide

Does the ‘perfect’ path to anti-money laundering (AML) exist? The quest for the perfect plan can be traced back to criminals causing immeasurable damage for many economies through money laundering. In response, governments are continuously trying to fight back, issuing a raft of rules and penalties for financial institution (FIs)… Read More

How Rabobank’s compliance unit ended up in hot soup again

Anti-money laundering expert and former undercover agent Robert Mazur has picked out some interesting aspects of the worrisome role compliance officers played in the Rabobank money laundering scandal in the US, which resulted in the bank being fined hundreds of millions of dollars and its top… Read More