28 January 2025
SFO Unexplained Wealth Orders – new focus for illicit finance?
On 17 January, the Serious Fraud Office (SFO) secured its first Unexplained Wealth Order, in respect of a property believed to have been purchased with the proceeds of a £100 million fraud.
10 November 2022
Law Commission recommendations for confiscation reform: Is there the will to find a way?
Following a lengthy period of research and consultation, the Law Commission (‘the Commission’) has published its final report and recommendations for the reform of Part 2 of the Proceeds of Crime Act 2002: the post-conviction confiscation regime (‘the report).
28 February 2022
A new Economic Crime Bill and the accelerated introduction of a Register of Overseas Entities
A new bill will be put forward to parliament tomorrow with the aim of increasing transparency of ownership of property in the UK. The introduction of this new Economic Crime (Transparency and Enforcement) Bill has been expedited following the sanctions announced last week, however the drive for change began over five years ago and that it is finally coming to fruition will be welcomed by many.
8 October 2020
The NCA finally obtains the benefit of Unexplained Wealth Orders
The NCA will be pleased as punch with the highly publicised outcome of their investigation into the businessman Mansoor Hussain; using several of the tools at its disposal, the agency has agreed a settlement with Mr Hussain that will see him relinquish ownership of numerous properties, assets and cash to the amount of £9,802,828. All on the basis of his alleged links to serious organised crime in the UK but without the need for any criminal proceedings.
30 September 2020
Tackling Illicit Finance: SFO uses Listed Asset Order for first time
The SFO has followed in the footsteps of the NCA and HMRC by using, for the first time, a listed asset order (‘LAO’) to recover £500,000 worth of jewellery which they were satisfied represented the proceeds of crime.