SFO Secures £6.8 Million Freeze on IOM Funds Linked to Former Ukrainian State Official
21/11/2025
The UK Serious Fraud Office (SFO) has successfully obtained a freezing order from a London court on £6.8 million held in a UK bank account belonging to the former head of a Ukrainian state-owned company.
The funds were reportedly held on behalf of an Isle of Man-based financial services company, raising questions about the role of offshore jurisdictions in facilitating complex financial flows.
Background
The freezing order is part of an ongoing investigation into suspected corruption and money laundering involving Ukrainian public officials. While the SFO has not disclosed the identity of the individual or the Isle of Man firm involved, the case underscores the UK’s commitment to tackling illicit finance linked to foreign politically exposed persons (PEPs).
Legal Basis
The order was secured under the Proceeds of Crime Act 2002, which empowers UK authorities to restrain assets suspected of being derived from criminal conduct.
Such measures are designed to prevent the dissipation of funds while investigations are ongoing.
Why It Matters
This development comes amid heightened scrutiny of financial flows from Ukraine following multiple corruption scandals and asset recovery efforts.
Offshore financial centres like the Isle of Man have faced increasing pressure to strengthen AML/CFT controls and ensure transparency in beneficial ownership.
Global Context
The case aligns with broader UK efforts to clamp down on dirty money. Recent actions include sanctions against kleptocrats and enforcement of unexplained wealth orders targeting assets linked to corruption worldwide. [gov.uk]
Sources
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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.