UK to Issue the First Unexplained Wealth Order

UK to Issue the First Unexplained Wealth Order

Since the end of January, the British authorities have the opportunity to inspect and seize property of foreign citizens. For these purposes, the "unexplained wealth order" was issued and it came into force last week. It allows the British authorities to freeze and seize the property of individuals in case they can not explain the origin of any assets over £50,000.

The new measures were introduced due to the evidence that British properties are being used as vehicles to launder illicit foreign money. 

A Central Asian politician who owns a property worth several million pounds has been the first person in the UK to to be subject to an “unexplained wealth order”. The name of the foreigner in respect of which this measure is applied has yet to be disclosed.

 


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