The National Crime Agency (NCA) has agreed a £12m settlement representing what it suspects to be the proceeds of crime.
In response to separate NCA civil recovery and frozen funds investigations, Mr Wenjun Tian and Ms Jiangbo Hao, both Chinese nationals, have agreed to forfeit two luxury residential properties in London’s Hampstead suburb, two blocks of student accommodation in Coventry and monies held in several bank accounts.
The NCA suspects these assets were acquired as a direct result of large-scale financial frauds committed in China and the laundering of the proceeds of this criminality in overseas jurisdictions, including the UK and Jersey.
Mr Tian and Ms Hao failed to provide the NCA with any reasonable explanation for the source of funds used to purchase their properties or for the substantial sums of money held in their bank accounts.
Mr Tian and Ms Hao have denied engaging in any criminal activity whatsoever and the High Court has made no finding in that regard. The Consent Order does not represent a criminal finding of guilt.
Rob Burgess, Head of Asset Denial at the NCA, said:
“The NCA uses both civil and criminal powers to investigate the provenance of assets in the UK where they are believed to have been acquired with the proceeds of crime, including when the suspected criminality was committed overseas. This case involved co-operation with law enforcement colleagues in Jersey and the authorities in China.”
Jonathan Groom, Director of FIU Jersey commented:
“Collaboration and partnership, in particular with our close colleagues in the NCA, remains of prime importance to Jersey. This settlement involved the co-operation and assistance of the Financial Intelligence Unit Jersey in identifying associated offshore assets that form part of the agreement.”
10 December 2024
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