United Kingdom: Money laundering: London in spotlight in Criminal Finances Bill
20 Oct 2016

The government has published details of the Criminal Finances Bill with prime central London property used for purposes of money laundering in the spotlight.

Unexplained Wealth Orders are a key component of the Bill in a bid to end the UK’s role as a safe haven for corrupt property deals; these will require an individual suspected of serious criminality to explain the origins of their wealth or face civil recovery action.

Law enforcement agencies will apply to the High Court for permission to put an order in place, and enhanced seizure and forfeiture powers contained in the Bill will be augmented by greater sharing of information between regulated bodies on property transactions.

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