National Crime Agency launches new Unexplained Wealth Order

National Crime Agency launches new Unexplained Wealth Order

August 8, 2019, Commercial Dispute Resolution

Ian Hargreaves spoke with Commercial Dispute Resolution regarding a recent National Crime Agency’s Unexplained Wealth Order (UWO) investigation. Mr. Hargreaves says, “For many years the U.K. has been criticized for allowing too much ‘dirty’ money to pass through its financial systems, reside in expensive residential/commercial properties and be invested through the UK markets. UWOs may act as a warning to criminals that it has become more difficult to launder, convert and ultimately hide assets in the UK. Consequently, the real benefit of UWOs is likely to be the deterrence effect.” He adds, “However, the authorities need to be wary of proceeds of crime simply finding a new home in another jurisdiction or via a different route in the United Kingdom.”