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Eight arrests and £600k seized in multi-million Chinese 'dirty money' city bank laundering probe

June 8, 2018

PROBE: City of London Police is investigating a suspected multi-million pound laundering operation

EIGHT people have been arrested on suspicion of laundering millions of pounds of "dirty money" from China through banks in the City of London.

 

The six men and two women, who are Chinese nationals, were arrested following a series of raids across London and Bracknell, Berkshire, yesterday.

 

A City of London Police spokesman said: "The suspected organised crime group has allegedly laundered millions of pounds through retail banks in the City of London.

"We worked with several law enforcement agencies to gather intelligence and make the arrests."

 

Raids were carried out at eight addresses, including in Stratford and Docklands in east London, and Lewisham and Bromley south of the River Thames.

 

Around £600,000 in cash was seized during the operation which was aided by the British

Transport Police, the Met Police, Thames Valley Police, the National Crime Agency and the UK Border Force.

ARRESTED: Eight people were held and around £600,000 cash seized 

The spokesman added: "The investigation was initiated in March 2018, after intelligence was submitted to the City of London Police’s Financial Investigation Unit.

 

"It is suspected, that the individuals who are Chinese nationals, have been allegedly been working as part of an organised crime group to launder millions of pounds through high street banks in and around the City of London since autumn 2017."

 

The individuals remain in police custody.

 

Detective Inspector Craig Mullish, who is leading the investigation for the City of London Police’s Financial Investigation Unit said: “Money launders are vital to criminal networks and in working to expose and disrupt these activities we will ultimately prevent serious crimes from being committed.

 

“The City of London Police’s Financial Investigation Unit is dedicated to investigating this type of crime and will do everything it can to expose people who think it is acceptable to use the City of London as a place to legitimise money which they have made by criminal activity." 

 

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