U.K. Crime Agency Asks Court to Permanently Seize Russian Oligarch’s Money

July 6, 2024

"The agency, known as the NCA, applied on May 1 for a forfeiture order for £1.1 million (US$1.4 million) from...a billionaire who the U.K. says has “been involved in supporting the Government of Russia” during its war in Ukraine. The money has been frozen since the U.K. sanctioned [the businessman] in 2022. The NCA believes it has now gathered enough evidence to prove the funds are derived from criminality –– in this case, allegedly shifting money to evade sanctions. Legislation does not allow for the forfeiture of sanctioned assets simply because the individual is sanctioned, said Stuart Hadley, an NCA spokesperson. Seizure of assets would only be practical where criminal activity can be linked to those assets.”

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