A Chinese national, Shijie Song, has reached a 16.7 million settlement while forfeiting luxury properties and cash, suspected to be proceeds of crime. Investigators believe his assets were obtained by trading in unregulated securities in China, with profits laundered into the UK. The National Crime Agency (NCA) asserts that he has not provided a reasonable explanation regarding the source of funds used. While denying any wrongdoing, the High Court's civil recovery order does not imply guilt. This case reflects the NCA's efforts to pursue criminal origin assets, in collaboration with Chinese authorities.
"Shijie Song has agreed to a 16.7 million settlement and forfeited several luxury properties in the UK, suspected to be proceeds of crime."
"The National Crime Agency (NCA) suspects Song's assets stem from illegal securities trading in China, with profits laundered into the UK."
"Rob Burgess from the NCA stated that this case demonstrates their determination to pursue assets suspected to have criminal origins."
"Song denied any wrongdoing and failed to explain the source of the funds used for purchasing the properties or cash held in banks."
#proceeds-of-crime #asset-forfeiture #national-crime-agency #money-laundering #international-cooperation
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