Hussain, 62, who has lived in self-imposed exile in the UK for more than 20 years, addressed supporters in Pakistan via telephone calls that were broadcast to his followers.
"Where evidence of criminal activity is found we will consult with the Crown Prosecution Service (CPS)," a Metropolitan Police spokesperson said.
Pakistani authorities say Hussain described the country as a "cancer" and incited his followers to attack two media stations that he accused of bias.
According to the 'Guardian', the Met police have also been examining previous speeches made by Hussain, who holds dual British-Pakistani citizenship.
In September 2010, MQM's deputy leader Dr Imran Farooq was beaten and stabbed to death outside his north London home, triggering a murder investigation that is still open.
"Detectives from the Met Police Counter Terrorism Command are investigating Farooq's murder and remain committed to putting before the courts those responsible," the Met spokesperson said.
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