UK Recovers $8M In Dirty Money On Commerzbank Tipoff

Law360, London (May 19, 2020, 1:10 PM BST) -- British police have seized more than $8 million in illicit cash held in a Commerzbank AG account by fraudsters who falsely claimed to be running a shipping company, the National Crime Agency said Monday.

The account was set up in the name of a Liberian company called Albatross Ltd. and was inherited by the German bank Commerzbank during a takeover.

The African account, which had remained unused for years, was identified by law enforcers as part of "a fund operated for tax evasion, money laundering, bribery and corruption" after a tip-off from the bank, the NCA said.

The company behind the...

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