A 32-year-old man has agreed to pay £110,000 ($131,698) to the UK’s National Crime Agency (NCA) after the authority launched an investigation into his property dealings.
The NCA has alleged that the man used proceeds from tax evasion, fraud and money laundering to purchase two properties, including his residence. The man used his property dealings to launder illicit funds from tax evasion, and used third parties to conceal beneficial ownership information.
The man will have to sell a part of his property portfolio to fulfill the NCA’s civil recovery claim.
Source: National Crime Agency, UK