Law enforcement authorities in the U.K. have obtained a new instrument in their fight against crime. Starting Jan. 31, 2018, U.K. enforcement authorities can apply for court orders against individuals suspected of being involved in or connected to serious crime or "politically exposed persons" ("PEP") outside the European Economic Area("EEA"), requiring them to explain the source of their assets. The new orders, known as "unexplained wealth orders" or "UWOs," have a wide geographical scope and may apply to any property, tangible or intangible, with a value greater than 50,000 pounds.
Originally published in Law360 - March 13, 2018.
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