UK’s National Crime Agency (NCA) has retrieved $8 million of laundered money from a corrupt Liberian business account. The perpetrators created the account to facilitate tax evasion, money laundering, bribery and corruption.
Commerzbank AG London noticed suspicious transactions related to the account under the name of the Liberian company called ‘The Albatross Limited’. Thereafter, the bank approached the National Economic Crime Centre after which the NCA began its investigation.
The Liberian company was set up in the 1970s using false identities to operate containers for an international shipping company. Meanwhile, authorities confirmed that the shipping company was unaware of the Liberian company.
The forfeiture of funds amounting to over $8 million came after six months of investigations. According to the authorities, this feat signifies the importance of public and private sectors assisting each other to fight financial crimes.
