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The British National Crime Agency secures largest settlement yet in fight against “dirty money”

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The British National Crime Agency has secured the largest settlement of its kind under new powers granted two years ago to help it fight “dirty money” after the family of one of Pakistan’s wealthiest businessmen agreed to hand over £190m held in the UK.

Malik Riaz Hussain, a property developer who is one of the biggest private sector employers in Pakistan, and his family agreed to the payout to end an investigation in relation to the funds.

The NCA did not disclose the allegations that had led to the freezing orders on the assets but said its agreement with the family was a civil, rather than a criminal matter, and “does not represent a finding of guilt”.

The assets, which the NCA said would be repatriated to the government of Pakistan, include a central London property at 1 Hyde Park Place valued at £50m as well as £140m in nine frozen UK bank accounts.

 

Via FT/NCA

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