Unexplained wealth orders

April 12, 2018  |   AML Legislation updates,General News & Cases,NCA - Latest News   |     |   Comments Off

UK working on 100 Unexplained wealth orders (UWOs)

As part of The Criminal Finances Act, Unexplained wealth orders require individuals to explain various issues about an asset, including how it was obtained, including the source of the wealth, have been recently introduced to the UK. The National Crime Agency is forging ahead with securing more unexplained wealth orders (UWOs) in line with its ambitions to seize criminal assets and crack down on money laundering.

In February, the NCA revealed it had secured the country’s first two UWOs cases, which will enable it to investigate assets totalling £22m. The orders relate to a property in London and another in the South East of England. They enable the UK to more effectively target the problem of money laundering through prime real estate in London and elsewhere. We are determined to use all of the powers available to us to combat the flow of illicit monies into, or through, the UK.

Britain’s National Crime Agency (NCA) is forging ahead with securing more unexplained wealth orders (UWOs) in line with its ambitions to seize criminal assets and crack down on money laundering. In a Reuters interview published on Tuesday, NCA Director of Economic Crime Donald Toon said there are about 100 cases his agency is working on, and it is looking to secure five more in the next three months.

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