Market News

UK crime-fighting agencies received a boost after the first “unexplained wealth orders” ruling

In the UK, the National Crime Agency has now been able to first use the “unexplained wealth order” in a case regarding a jailed banker’s wife who had acquired high-priced luxury properties and goods. These “unexplained wealth orders” hold the power to unveil the true origin of funds; non-Europeans with connections to the UK can as such be forced to prove the legitimacy of their funds. These orders have the purpose of stemming the flow of illicit funds hidden in areas like London’s real estate and apply to funds higher than 50’000 GBP. As to corruption and money-laundering cases, the underlying legislation reverses the burden of proof, resulting in forcing the accused of proving their assets have legitimate sources and not in the investigators having to prove non-compliance with the regulations.