The United Kingdom’s Unexplained Wealth Orders, a new investigation tool for law enforcement on corrupt assets, came into force on Jan. 31.
The tool is a key part of the Criminal Finances Act, that received the UK parliament’s approval back in April 2017.
UWOs require a person that holds property worth more than £50,000 in the UK to explain the origin of their assets.
Ukraine’s richest, such as Rinat Akhmetov, Dmytro Firtash and Victor Pinchuk, own some of UK’s most elite property.
“Unfortunately, there is growing evidence that the UK has become a safe haven for corrupt individuals and their assets,” reads Transparency International UK’s statement on their website.
According to their research, there are over 140 properties in London worth a total of £4.2 billion “that were bought by individuals with suspicious wealth.”
An estimated $120 billion a year is laundered through the UK by corrupt foreign officials and criminals.
According to The Guardian, Ukraine’s richest man Rinat Akhmetov payed record £136.4m for apartment at One Hyde Park, a development in Knightsbridge, London. (Rob Deutscher)
UWOs can be applied to people suspected of involvement in serious crime or of being connected to a person involved in it, as well as politically exposed persons, such as politicians or officials from outside the European Economic Area, that own property with value of over £50,000 and have an insufficient legitimate income to obtain it.
Russia’s oligarchs and politicians are expected to be of specific interest, according to The Times.
An investigation order can be issued by the High Court of Justice and Court of Session in Scotland on request of an enforcement authority such as the National Crime Agency, Her Majesty’s Revenue and Customs, the Financial Conduct Authority, the Serious Fraud Office, the Crown Prosecution Service or the Scottish Ministers.
A respondent is required to explain the nature and extent of their interest in the examined property and how it was obtained.
In case of a failure to provide a response, an asset may be seized.
Providing false or misleading information in response to an UWO can lead to imprisonment for up to two years.
