28 February 2018
The NCA has secured two unexplained wealth orders (UWOs) to investigate assets totalling £22m that are believed to ultimately be owned by a politically exposed person (PEP). These are the first such orders granted and represent the first time the legislation will be tested through the court. The orders relate to two properties, one in London and one in the South East of England.
In addition to the UWOs, interim freezing orders (IFOs) were granted meaning that the assets cannot be sold, transferred or dissipated while subject to the order (IFO).
Donald Toon, Director for Economic Crime at the NCA, said: “Unexplained wealth orders have the potential to significantly reduce the appeal of the UK as a destination for illicit income. They enable the UK to more effectively target the problem of money laundering through prime real estate in London and elsewhere. We are determined to use all of the powers available to us to combat the flow of illicit monies into, or through, the UK.”