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Chinese students accounts frozen
04 March 2019
The bank accounts of 95 Chinese students containing an estimated £3.6m were recently frozen in a day of action coordinated by the newly formed National Economic Crime Centre (NECC). The money in these accounts is suspected to be either the proceeds of crime or intended to be used for criminal purposes.
The accounts are held mainly by overseas students studying in the UK, who may be unaware that operating a bank account in this manner is potentially illegal, said the NECC. The accounts were all identified by a bank as part of its anti-money laundering processes.
Funds sent to the accounts, were often used to buy goods which were exported back to China without any connection between the party ordering the goods and the source of the funds being paid into the account.
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