May 9, 2016
City of London Police has seized $22 million six weeks after arresting a City broker on suspicion of using the futures market to launder money from a Russian organised crime group.
Detectives took possession of the four cheques under the Proceeds of Crime Act (POCA) from a clearing firm, located in the Square Mile, after the company closed down the suspect’s five trading accounts.
The arrest and money seizure are the result of a four month investigation by the force’s Money Laundering Unit, working closely with Intercontinental Exchange Inc (ICE), into suspicious trading on the futures market. ICE monitors market activity using surveillance tools and technology to identify suspicious trading patterns.
A Russian oil firm, a Swiss investment company, a British Virgin Islands investment company and another Russian company are thought to be acting as a front for a Russian crime gang’s efforts to launder money out of their country and through the UK.
The 43-year-old Russian broker was arrested on March 23rd on suspicion of Fraud by Abuse of Position, and Money Laundering, and later released on bail until July. A British national was also interviewed under caution and released.