NCA will work with MI5, MI6 and GCHQ agencies, the report read.
"There are people working there now. This is what the ‘kleptocracy’ team will devote its time to. The unit will track down Putin’s money and that of his cronies," a source told the newspaper.
The investigation into alleged Kremlin-linked assets will not be simple and will also include Belarusian money in the United Kingdom, according to the newspaper.
"We will use all legislative options and tactics available to the agency to prosecute corrupt elites who launder their assets in the UK," an NCA spokesperson said.
In late February, London introduced sanctions against Putin and Russian Foreign Minister Sergey Lavrov, which entailed the freeze of their assets in the country. However, the sanctions document did not specifically identify the assets involved. Foreign Minister Spokeswoman Maria Zakharova said that neither Putin nor Lavrov had assets in the UK or anywhere else abroad.
On February 24, Russia began a military operation in Ukraine responding to calls for help from the breakaway republics of Donetsk and Lugansk. The United States and its allies responded by imposing comprehensive sanctions against Russia.