AML: HMRC flexes enforcement muscle to the tune of £7.8 million
The source of UHNW’s wealth is a further area subject to microscopic scrutiny. This scrutiny affects even the most basic financial transactions such as opening a bank account, instructing lawyers or accountants, purchasing property. To mitigate this, UHNWIs should ensure they have professional advice in the form of financial advisors, accountants, lawyers who can ensure that source of wealth is documented and verified”.
This has only become more important in light of the introduction of Unexplained Wealth Orders in January 2018. Simply put, they allow property to be ‘frozen’ in certain circumstances whilst the source of income used to purchase the property is investigated. UHNWI’s who have large portions of their income from sources which are not public are more at risk of having to deal with such an order”.
For further information on the issues raised in this news post, please contact a member of our criminal team.
Nicola Finnerty is a partner in the criminal litigation team. She has experience of fraud, corruption (including the Bribery Act) and cartel matters, financial compliance, money laundering, asset seizure and confiscation cases, through to sexual offence cases, drugs, murder and offensive weapon crimes.
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