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09 December 2016 / Jonah Anderson , Jonathan Pickworth
Issue: 7726 / Categories: Features , Charities , Commercial
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Show me the money

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Jonathan Pickworth & Jonah Anderson examine the proposed unexplained wealth order regime

 
  • Anti-money laundering law and regulation in the UK increasingly focuses on overseas politically exposed persons (PEPs).
  • The new Criminal Finances Bill proposes to introduce the “unexplained wealth order” (UWO), a civil investigative order.
  • A UWO will enable UK law enforcement to question PEPs regarding their wealth and allow civil recovery proceedings against their assets, even when there is no proof that the wealth in question is the proceeds of criminal activity.

The existing anti-money laundering (AML) law contains a civil recovery regime under the Proceeds of Crime Act 2002 which creates a non-conviction based asset recovery regime. This regime allows law enforcement to recover property which is, or which represents, property obtained through unlawful conduct. However, under the law as it currently stands, a claim for civil recovery cannot be sustained solely on the basis that a defendant had no identifiable lawful income to warrant their lifestyle and purchases, as set out in Director of the Assets Recovery Agency

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Dorsey & Whitney LLP—Peter Knust

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