October 13, 2016
New legislation designed to tackle accusations that the UK is a haven for dirty money would give British law enforcement officers sweeping new powers to tackle money laundering and corruption, as well as recover criminal proceeds.
The highlight of the proposed Criminal Finances Bill will allow law enforcement agencies to force suspected criminals to prove the source of their wealth, the UK government said Thursday. Under the so-called “unexplained wealth orders,” those unable to explain where their wealth came from would risk having their assets seized, including lucrative property.
The bill is subject to parliamentary approval before coming into force.