According to the National Crime Agency, the United Kingdom has lost over 100 billion pounds to money laundering from the government business, and individuals. The 10 biggest money laundering activities in the UK, together with their fines are described below:‘
Mr Big’ on the run: Maythem Al-Ansari, also known as ‘Mr Big’, after serving three-year jail in 2012 for money laundering, he was sentenced again for a case relating to mortgage fraud of multi-millions. He managed to escape to Syria after he was released on bail but later surrender in 2016. His escape was a result of poor coordination between the various government agencies.u
UK’s largest ever visa fraud: Four fraudsters were sentenced in September 2016 for posing as immigration advisor, who developed a strategy to deceive officials in their home office, which eventually led for the UK’s biggest fraud ever. They charged exorbitantly for immigration applications for.
Chartered Standard Bank Fined 102.2 million pounds. The bank was charged £102, 163, 200 in 2019 for violating the AML law. One of such is the bank inability to verify and identify potential money laundering risk.
The UK’s most prolific female fraudster Maria Michaela conned banks our of millions of pounds by putting up offers on houses over the market value and defaulting on the mortgage, an act she repeated multiple times before she was finally apprehended. She was arrested in 2012 after she was tracked by a mortgage broker she was working with at Blackheath.
Designer Watches, gold bars, and 500 lottery tickets. Stephen Burton’s house was raided in February 2019 after police suspected him of acquiring expensive metals and other items to protect its illegal money act, and items worth £1 million were retrieved from his residence.
£15 million smuggled from the UK to Dubai. 10 suspected gangs were arrested in November 2019 for allegedly smuggling out £15.5 million out of UK to Dubai. Other items seized from them are cash, drugs, and luxury cars.
One of the UK’s largest benefit frauds. Ethel McGill, 68, was arrested in July 2019 after it was discovered that he hid the death of his father to claim his war pension and other benefits, even though he died in 2004.
Bank of Scotland’s rogue employees in £245 million. Bank of Scotland received a fine of £45.5 million after it was discovered that rogue employees of the bank collaborated with a group to defraud the bank and some small businesses of money up to £245 million.
Four Suitcases stuffed with £1.5 million in cash. Mohamed Imran Khan Sathar Khan, 36, was apprehended in 2019 while attempting to smuggle £1.5 million cash in four suitcases onto a flight in Dubai. He was caught by the Border Force Officials.
Commonwealth Bank agrees to pay £400 million fine. Commonwealth Bank of Australia agreed to pay a £400 million fine as a penalty for failing to report 53,000 suspicious transactions to the appropriate agencies.