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|Unexplained Wealth Orders : Impact On National Treasury/ Coffer-emptying by Tedpgrass: 2:27am On Feb 04, 2018|
The UK government has put in place effective from 31st January 2018, a civil tool and investigation tool called UWO:- Unexplained wealth order.
This was only published as Circ 003/2018 a day after initiation
application will be largely to
1) politically exposed people (PEP) particularly from non-EEA countries;
2) politicians or officials from outside the EEA and
3) people suspected to have made some gain from criminality ( organised) or
4) has insufficient income to be in a position to obtain a specific property (>£50000)
A conviction based on false statements regarding lawful ownership and the means by which it was obtained) in response to the UWO can fetch prison sentences of 12-24 months and/ or a fine.., in addition.to seizure of the properties in question!!
When there is a failure to provide no response, the property is recoverable under a civil recovery action!!
Interesting times ahead!!!
my thoughts loom largely over the following:
An anonymous phonecall from a discontented individual(s) is all that is needed to raise suspicion. This can do immeasurable damage to reputation and finances!!!
There is no clear indication that the monies retrieved from the individuals or from sale of the items will be repatriated to the home country or victims of the crime.
Another fund-raising avenue on the back of Brexit, moreso with a significant percentage of choice apartments in Central London owned by foreigners, some with questionable income source
This will, on the long term, have a major impact on foreign investment in London and the South East regardless of type of Brexit deal obtained at the end of the day!!!
A possible Ikoyi whistleblower saga in the making??
what do y'all think...
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