To ask the Secretary of State for the Home Department, what steps the National Crime Agency (NCA) is taking to investigate the findings made by the US authorities in the case of US V Prevezon et al that funds from the tax fraud against Hermitage Capital, investigated by Sergei Magnitsky, have been transferred to the UK bank account of Renaissance Capital Investment Management Limited; and whether the NCA has been notified or informed that laundered money ending up in that account is estimated to be in excess of $8.3 million.
26 April 2017
The NCA does not normally report on the detail of its investigations. It will continue to make inquiries in relation to the Hermitage case.
The UK regulated sector is required to carry out due diligence checks to identify illicit funds and report suspicions of money laundering to the National Crime Agency.
Where illicit funds are identified, then law enforcement agencies have, through the Proceeds of Crime Act 2002, robust powers to seize and recover these, including on behalf of other countries.
In the Criminal Finances Bill, the Government has introduced an amendment to the Proceeds of Crime Act 2002 (POCA) which has widened the definition of ‘unlawful conduct’ within the Act to include the torture or cruel, inhuman or degrading treatment of those exposing corruption, or obtaining, exercising, defending and promoting human rights, including in cases where that conduct was not an offence in the jurisdiction in which it took place. This allows for any assets held in the UK, which were deemed to be the proceeds of such activity, to be recovered. This measure makes a clear statement that we will not allow those who have committed gross abuses or violations around the world to launder their money through the UK.