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ARTICLE · 01 FEBRUARY 2018

Unexplained Wealth Orders - What You Need To Know

Fieldfisher
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UWO are to be targeted at politically exposed persons and those suspected of involvement in serious crime whether in the UK or elsewhere.

United KingdomFinance and Banking
Tony Lewis
Tony Lewis
Francesca Titus
Francesca Titus
Elliott Kenton
Elliott Kenton

From Wednesday 31st January 2018 law enforcement will have a new weapon in its armoury: Unexplained Wealth Orders (UWO).  UWO will require those that hold property to explain the origin of assets.  UWO can apply to any property with a value greater than £50,000.  

UWO will be available to Her Majesty's Revenue and Customs, the Financial Conduct Authority, National Crime Agency, the Director of the Serious Fraud Office, and the Director of Public Prosecutions.

UWO will require targets to provide a statement which sets out the nature and extent of their interest in a property, explain how the property was obtained, and clarify how funds were obtained to pay for the property. UWO will apply not just to individuals but also to other structures that can hold property such as trusts.

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