NCA recovers £780,000 in the first UK forfeiture of sanctioned funds.
29/07/2024
Following the 10 July COMSURE posting the NCA has recovered £780,000 in the first UK forfeiture of sanctioned funds.
- NCA applies for PROCEEDS OF CRIME forfeiture order of PETR AVEN cash after alleged sanctions breach.
- https://www.comsuregroup.com/news/uk-nca-applies-for-proceeds-of-crime-forfeiture-order-of-petr-aven-cash-after-alleged-sanctions-breach/
For the first time in the UK, the National Crime Agency has secured the forfeiture of sanctioned funds under the Proceeds of Crime Act.
The money, which the NCA argues was held for the benefit of Petr Aven despite not being in his name, had been frozen since 2022, when he was sanctioned by the UK for supporting the government of Russia.
Aven is the former head of Russia’s largest commercial bank.
Attempts to relocate the funds, as well as transactions made after March 15 2022 by Aven’s estate manager, Stephen Gater, are believed by the NCA to have been in breach of those sanctions.
These included the payment of salaries to over 20 members of Aven’s household staff, and the sale of a Bentley Bentayga worth £160,000.
In 2022, the NCA obtained nine Account Freezing Orders over accounts linked to Aven, together with two sets of detained cash.
The agreement between the NCA and Stephen Gater for the forfeiture of £783,827.34 was ratified at Westminster Magistrates Court on 29 July 2024.
The head of the NCA’s Combatting Kleptocracy Cell, said:
- “The result announced today is significant, and marks the end of a complex and long-running investigation by the NCA’s Combatting Kleptocracy Cell.
- “It demonstrates the NCA’s commitment to enforcing the UK’s sanctions regime, and to recovering money held unlawfully for the benefit of the public purse.”
29 July 2024 = https://moneylowdown.com/funds/nca-recovers-780000-in-the-first-uk-forfeiture-of-sanctioned-funds/
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.