This content is not available in your region

UK financial watchdog secures 2 million pounds in QPay forfeiture order

UK financial watchdog secures 2 million pounds in QPay forfeiture order
UK financial watchdog secures 2 million pounds in QPay forfeiture order   -   Copyright  Thomson Reuters 2022
By Reuters

LONDON – Fintech company QPay Europe has agreed to a court order to give up two million pounds held in its name following a proceeds of crime case, Britain’s Financial Conduct Authority said on Thursday.

The FCA said it had told the court that the money was the proceeds of illegal activity connected to criminal proceedings in the United States concerning an alleged conspiracy to commit wire fraud against banks and credit card companies. “The FCA is not alleging that QPay is involved in this conspiracy,” the regulator said in a statement.