The UK government is taking further measures to tackle economic crime in the UK, reforming its corporate register, and giving extra powers to the Serious Fraud Office. The UK has published the new Economic Crime and...more
In January 2018, UK law enforcement agencies were granted new powers to pursue the forfeiture of assets. Unexplained wealth orders ("UWOs") initially grabbed the media's attention, but the relative ease with which UK law...more
In January 2018 the Criminal Finances Act 2017 (“the Act”) came into force. The Act brought in a number of important legal developments, including Asset Freezing and Forfeiture Orders (“AFFOs”) and the offence of failure to...more
The UK saw its first use of an Unexplained Wealth Order (UWO) in February 2018 when the NCA successfully imposed orders on two UK properties, one in the exclusive Knightsbridge area of London and the second, a golf course in...more
The English High Court has dismissed an application to discharge an "unexplained wealth order" ("UWO") against the wife of the former chairman of the International Bank of Azerbaijan....more
The UK National Crime Agency (“NCA”) has successfully resisted a challenge to the issue of its first Unexplained Wealth Orders (“UWOs”). The victory comes shortly after the agency announced its intention to expand the use of...more
Following the Criminal Finances Act 2017’s entry into force on 31 January 2018, the UK enforcement authorities added a new weapon to their arsenal in their fight against corruption. The Act introduced a new investigatory...more
The regime for Unexplained Wealth Orders will come into force on 31 January. This is a novel power in the UK. Law enforcement agencies such as the National Crime Agency and Serious Fraud Office will be able to apply to...more
Background - For some time there has been a perception that the UK is a safe refuge for corrupt individuals seeking to conceal their unlawfully acquired assets. This has particularly been the case with regard to persons...more
In December 2016 we considered the changes proposed by the Criminal Finances Bill (the Bill) in "All change for money laundering regulation? - Impact for the private equity industry." On 27 April 2017, the Criminal Finances...more