Peters & Peters

Partners Neil Swift and Anna Bradshaw are quoted in The New York Times on the effectiveness of Unexplained Wealth Orders following the recent cases of the UK targeting “dirty money” with these orders

It is still early to determine whether Unexplained Wealth Orders will have the expected deterrent effect. Partner Neil Swift explains the background of the orders, saying “ The system was introduced by David Cameron’s coalition government because they were concerned about the level of illicit wealth being stored at the London property market, but it didn’t officially come into law until January 2018, two years after Mr Cameron resigned as prime minister and it has only been used twice.” Partner Anna Bradshaw adds that the authorities are most likely addressing the most clear-cut cases first. “They know that it’s a controversial power, they know that it’s entirely unprecedented in the U.K. They are expecting legal challenges, so therefore they’re proceeding slowly.” She further adds, “They are also proceeding with caution, so as not be seen as targeting one specific group. For example, if they were to apply for unexplained wealth orders only against Russian nationals then they might run into difficulties.”  Read more