New Unexplained Wealth Orders Obtained
The National Crime Agency (NCA) has recently obtained three further Unexplained Wealth Orders (UWOs) at the High Court.
For further information on UWOs please refer to previous articles posted to this website on:
- 30th July 2019 - Unexplained Wealth Order Obtained | Kangs White Collar Crime Solicitors
- 13th August 2019 - Unexplained Wealth Orders | Kangs White Collar Crime Defence Solicitors
The Circumstances | Kangs Financial Crime Investigation Team
- These new Orders cover three residential properties in London which were purchased for an amount in excess of eighty million pounds which amount originated from offshore accounts
- Investigators are currently looking in to the provenance of these funds
- Interim Freezing Orders have also been granted in order to prevent the assets being sold or transferred, or their value being dissipated in any other manner, while there is an on- going investigation
Official Comment | Kangs Serious Fraud Advisory Team
Andy Lewis, Head of Asset Denial at the NCA, commented upon the deployment of UWOs and explained that they were a powerful tool to assist in the investigation of illicit monies flowing into the UK and to discourage such activity in the first place.
Operation of A UWO | Kangs Complex Fraud Defence Solicitors
- An UWO can be made in respect of any property in the world thought to be worth more than £50,000, if a court is satisfied that there is reasonable belief that an individual has an interest in it and there are reasonable grounds to suspect that the purchase of the property could not have been accomplished other than by using unlawfully obtained income
- An individual against whom an Order is made, will be given a limited amount of time to respond and explain the source of the funds and the legitimacy of their provenance. Failure to respond can be relied upon within civil recovery proceedings under the Proceeds of Crime Act 2002
How Can We Help? | Kangs National Complex Fraud Experts
If we can be of assistance, our Team is available via telephone 0333 370 4333 and by email info@kangssolicitors.co.uk.
We provide initial no obligation discussion at our three offices in London, Birmingham and Manchester.
Alternatively, discussions can be held virtually through live conferencing or telephone.
