Met Police Snatch £1.6m in Biggest Ever Cash Freeze
The Met’s Economic Crime Unit has pulled off its largest ever cash seizure following a two-year probe into suspected money laundering.
After a long and complex investigation, 25 bank accounts holding more than €1.9 million (£1.6m) were frozen under an Account Freezing Order (AFO) granted by Westminster Magistrates’ Court last week.
Italian Crime Gang Busted in Money Laundering Sting
The investigation, launched in 2018, targeted an organised crime network based in Italy. Officers discovered the gang used dozens of UK front companies to hide dirty cash.
- Shell firms were set up through company service providers.
- False IDs — including those of a dead man and stolen identities — were used to open bank accounts.
- Millions of euros were shuffled between European and UK accounts in a tactic known as “layering” to mask the cash’s origins.
Met Captain Takes Down Sophisticated Laundering Operation
Detective Sergeant Geoff Donoghue led the meticulous probe, which involved extensive analysis of phone calls and documents to piece together the laundering scheme.
“This was a painstaking investigation into a complex web of shell companies based in the UK which we were able to demonstrate were set up to launder large amounts of money likely linked to crime,” said Detective Superintendent Nick Stevens.
“Working with Italian authorities, we built a compelling case that highlights our capability to disrupt sophisticated money laundering networks.
“The Met will continue to use every tool at our disposal to seize ill-gotten gains and prevent crime from funding wealth.”
Legal Powers and Court Victory
The freezing order was granted under Section 303Z14 of the Proceeds of Crime Act 2002, as amended by the Criminal Finances Act 2017.
Alongside the cash seizure, the court imposed a £20,000 cost order, reinforcing the Met’s commitment to hitting criminals where it hurts — their pockets.
