13 November 2018
The UK’s new National Economic Crime Centre
On 11 December 2017, the UK government published its five year Anti-Corruption strategy with the aims of preserving the UK’s status as “one of the safest and cleanest places in the world to do business", and “building a strong, confident Global Britain”. Since 2010 the UK has taken significant steps to fight bribery and corruption, and is now ranked, according to Transparency International, as one of the ten least corrupt countries in the world. Notwithstanding this, money laundering and corruption remain a growing threat: the National Crime Agency estimates that over £90bn are laundered through the UK economy each year.
11 October 2018
Unexplained Wealth Orders – can you prove the legitimate provenance of all of your significant assets?
Whether you can prove the legitimate provenance of all of your significant assets is a question an increasing number of people may have to start asking themselves. In the last week, the High Court has dismissed an appeal to discharge the first Unexplained Wealth Order (‘UWO’) brought by the National Crime Agency (‘NCA’).
26 July 2018
Media focus on first 'McMafia law' challenge
Media reports today focus on the first challenge to the Unexplained Wealth Order with headlines such as: “Harrods big spender fights to keep mansion” (BBC News) referring to the case before the High Court on 25th July where “Mrs A” sought to discharge an Unexplained Wealth Order (UWO) obtained by the NCA against her husband, “Mr A”, in respect of two UK properties with a combined value of £22 million. The NCA alleges that Mr and Mrs A obtained their wealth through foreign corruption.
25 July 2018
AML: reforming the suspicious activity reporting regime – have your say
It seems there is no escape from pronouncements on the scourge of money laundering and how tackling economic crime is a government and law enforcement priority. From the Treasury Select Committee inquiry into Economic Crime to the Financial Conduct Authority’s Anti-Money Laundering Report 2017-18 the message is clear: money laundering is a facilitator of almost all serious, organised and major crime. Tackling it is absolutely a strategic priority for law enforcement in the UK.
20 July 2018
Corporates in the spotlight: NCA and SFO confirm tackling money laundering a strategic priority
What is economic crime and can economic crime be quantified?