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First Unexplained Wealth Orders a landmark moment in fight against corruption

 28th February 2018, London – An announcement today by the National Crime Agency that they have obtained the first two Unexplained Wealth Orders (UWOs) is a landmark moment in ending the UK’s role as a safe haven for corrupt money, according to Transparency International UK (TI-UK).

The National Crime Agency said that the two UWOs relate to a property in London and another in the South East of England both owned by an unnamed politician or their close associates.

UWOs came into effect at the end of last month, following three of years of campaigning by TI-UK. If used properly, UWOs provide a powerful new tool for identifying and acting on corrupt wealth stolen from around the world and laundered into the UK. Research conducted by TI-UK last year found £4.4 billion worth of suspicious property across the UK.

Rachel Davies Teka, Head of Advocacy at Transparency International UK, said: 

“It is very promising news that the NCA has secured two UWOs so soon after they became operational. New legislation is only as good as its implementation and this announcement is a strong indicator that UWOs will be used in addressing the billions of pounds worth of property bought with suspicious wealth in the UK.”

 “This landmark moment is a positive statement of intent from law enforcement and sends a clear message to those seeking to launder corrupt wealth through the UK that their assets will no longer be safe here.”

“We hope that this announcement will signal the beginning of more action being taken to finally end the UK’s status as a safe haven for corrupt individuals.”

***ENDS***

On the introduction of UWOs last month, TI-UK published five cases where we believe law enforcement should consider using UWOs in forming a case for civil recovery proceedings against potentially illicit wealth.

Contact:

Dominic Kavakeb
020 3096 7695
079 6456 0340
dominic.kavakeb@transparency.org.uk

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Read 541 times Last modified on Wednesday, 28 February 2018 14:21

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