A confiscation order for £1,633,766 was granted by Southwark Crown Court.
The confiscation order against Mr Baldwin is part of Operation Tabernula. Operation Tabernula is one of the regulator’s largest and most complex insider dealing investigation.
An arrest warrant has been issued for Mr Baldwin who was sentenced to 5 years and 8 months in prison in his absence in 2019, but he remains at large.
If he fails to pay the £1.6m order within three months additional years could be added to his sentence.
In July 2017 Mr Baldwin was convicted of dealing in criminal property between October 2007 and November 2008. The criminal property in question was the proceeds of a conspiracy to insider deal by Martyn Dodgson and Andrew Hind.
Mr Dodgson and Mr Hind were sentenced to a combined eight years in prison.
Mr Baldwin’s business partner Mr Hind introduced him to Mr Dodgson who was able to source inside information from within investment banks he worked for. The information was passed to Mr Hind who carried out dealing for the benefit of Mr Dodgson and himself.
Mr Baldwin then used offshore companies, bank account and false invoices to launder the money.
Mark Steward, executive director of enforcement and market oversight at the FCA, said: “Money-launderers compound the harm caused by crime by helping to cover up the offence and the proceeds from it. Mr Baldwin remains a fugitive.
“However, this will not prevent us from pursuing a confiscation order to recover the benefit a person has obtained from their criminality.”