The Financial Reporting Council announces its plans for the ‘Big Four’ to ring-fence their audit practices
Ed Smyth, Senior Associate at Kingsley Napley LLP, has been quoted in an article published by Spear's.
As with any new legislation, time will tell how UWOs play out procedurally. Financial crime lawyers such as Edmund Smyth of Kingsley Napley are watching closely. Smyth, a senior associate in the firm’s criminal litigation department, tells Spear’s that the announcement of the first two UWOs was not unexpected. ‘The measure is a tool that law enforcement agencies have been pushing for and it is likely that they had intended targets in mind for some time,’ Smyth explains.
He adds: ‘HNW individuals ought to take notice because this development demonstrates the authorities’ intention to deploy this new weapon. However the proof of the pudding will be when the outcome of the UWO becomes apparent – will the respondent satisfy the court of the provenance of the funds used to purchase the two properties or will steps be taken to seize them?’
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