U.K. Seizes Millions in Cash, Knightsbridge Properties in First Use of Dirty Money Law
- Businessman hands over funds, properties to settle order
- Unexplained Wealth Orders designed to fight money laundering
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The U.K. reached a 9.8 million pound ($12.7 million) settlement in its first successful use of a controversial power designed to crack down on dirty money.
The National Crime Agency settled a so-called Unexplained Wealth Order with Mansoor “Manni” Mahmood Hussain, a Leeds businessman, the agency said Wednesday in a statement. The 40-year-old handed over more than 45 properties in London, Leeds and Cheshire, four parcels of land, and nearly 600,000 pounds in cash. The London properties include two apartments in the tony Knightsbridge neighborhood.