National Crime Agency recovers $8m linked to corrupt Liberian account

Article summary

The National Crime Agency (NCA) has published details of their investigation into a corrupt Liberian business account, which was a collaborative effort with Commerzbank AG London. The bank noticed unusual activity when an individual tried to set up a new account and move money from the existing account on the premise that it was to be paid to various charities. The individual was suspended, and the bank internally investigated the account as well as informing the National Economic Crime Centre. Working with the bank, NCA investigators uncovered over ten years’ worth of data which proved the account was set up using fake identities. On 8 April 2020 the NCA seized $8m from the account, which was suspected to be part of a fund operated for tax evasion, money laundering, bribery and corruption.