British authorities have seized millions of dollars that they allege is laundered money from a Commerzbank account purportedly set up to operate large containerships.
The National Crime Agency (NCA) recovered funds of more than $8m after an investigation into a Liberian business account.
On 8 April, it issued a notice of forfeiture on the account it claimed had been used for tax evasion, money laundering, bribery and corruption.
Germany's Commerzbank AG in London approached the UK's National Economic Crime Centre after noticing unusual activity on an account held by a Liberian company called The Albatross Ltd.
The account had been internally investigated and suspended by Commerzbank after an individual had tried to set up a new account and move the money, explaining that it was to be paid to various charities, the NCA said.
Since then, no one had attempted to touch the money.
Fake identities
Investigations going back over 10 years of data determined that the account had been set up using fake identities.
The company behind the account was incorporated in the 1970s and was purportedly set up to operate large containerships for an unnamed international shipping company.
But the shipping company had no knowledge of the company and was able to show that it had never appeared on any of its balance sheets.
The money had been held under an account freezing order, granted to the NCA at Westminster Magistrates Court in October 2019.
“This was a significant forfeiture, which was the result of six months of investigative work, during sometimes challenging times," said Tim Quarrelle, NCA financial investigations manager.
“Commerzbank rightly referred this account, which had sat untouched for years and had a history of red flags,” he said.
“Part of the money recovered will go directly back into fighting serious and organised crime.”
