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Published by jack elliot

Unexplained Wealth

 

There is now  an important provision

of the Criminal Finance Bill

that introduces a powerful new weapon

into the anti-corruption arsenal:

Unexplained Wealth Orders.

This follows action already taken in

Australia and Ireland.

The provision specifically targets red flag situations where a person buying expensive items,

like property or jewels,

doesn’t appear to be wealthy enough

to make the purchase.

It could be a politician in Russia

or a small business owner in Brussels

who buys a multi-million pound property

in central London.

If the person has links to serious crime or access to public money, then the authorities can act.

The UK law enforcement agencies can now use an Unexplained Wealth Order to investigate the source of that money, and, if it is found to be corrupt money, more easily return it to those from whom it has been stolen.

 

Last year it was seen  London properties

worth a total of £4.2billion (US$5.4 billion)

that were bought by individuals

with suspicious wealth.

 

 

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