Partner Neil Swift discusses unexplained wealth orders and what they mean for the banking sector in the Global Banking & Finance Review
Since 31st January this year, UK law enforcement agencies have been granted a new power to require individuals to provide information on the sources of their wealth. Agencies including the National Crime Agency (NCA), Her Majesty’s Revenue and Customs (HMRC) and the Serious Fraud Office (SFO) can now apply to the High Court for an Unexplained Wealth Order (UWO). A UWO can be made in relation to property located anywhere in the world, irrespective of where the person who is suspected to be the owner of the property habitually resides. Read more.