£10m property empire linked to money laundering handed over to NCA

A property empire worth £10m has been given up to the National Crime Agency (NCA) by a Leeds businessman suspected of being a major money launderer.

The agency announced that it secured an Unexplained Wealth Order (UWO) against eight properties owned by 40-year-old Mansoor ‘Manni’ Mahmood Hussain, who is believed by the NCA to have links to serious criminals.

The UWO, which the NCA described as part of the UK’s “armoury” in the fight against illicit finance, was the first order obtained solely on an individual’s alleged involvement in serious organised crime.

The agency argued that Hussain had failed to fully comply with the requirements of the UWO, and that his non-compliance provided a “good case” that several properties were funded by criminal associates. As part of the first recovery, Hussain agreed to hand over 45 properties in London, Cheshire and Leeds, four parcels of land, as well as other assets and £583,950 in cash – with a combined value of £9,802,828.

Anti-money laundering expert, SmartSearch, suggested the case had demonstrated the “huge gaps” in the protection of the property market against money laundering.

“The case of Mansoor Mahmood Hussain clearly demonstrates the huge gaps in protection against money laundering that exist in the property market, through which criminals are able to pour millions of pounds a year,” commented SmartSearch managing director, Martin Cheek.
 
“That just one man was able to amass such an amount of wealth through illicit property deals shows how widespread the problem is if you multiply that across the number of criminals involved in this activity across the country and the rest of the world.

“Despite the threat from money laundering criminals being higher than ever before, the fact is it has never been simpler for companies to protect themselves and carry out the most basic checks, electronically, which would stop it at the front door.
 
“Increasing use of technology ensures businesses comply with all the current regulation and protects against criminal activity.”

    Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


Helping the credit challenged get mortgage ready
A rising number of borrowers are finding it harder to access mortgages due to being credit challenged - whether that’s from historic debts, a county court judgment, or having little to no credit history.

In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.

Air and the role of later-life lending
Content editor at MoneyAge, Dan McGrath, spoke to the chief executive officer at Air, Will Hale, about the later-life lending industry, the importance of tailored advice and how technology and obligations have shaped the sector.


Inside the world of high net worth lending
The mortgage market continues to evolve, and so too does the answer to the question: what is a high net worth individual in today’s market? In this episode of the Mortgage Insider podcast, host Phil Spencer is joined by Stephen Moroukian, Head of Product and Proposition for Real Estate Financing at Barclays Private Bank, and Islay Robinson, founder and CEO of Enness Global. Together, they explore what brokers really need to know when supporting high net worth individuals.

The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.