Britain Set To seize Assets Of Oligarchs, Corrupt Politicians, Others

Ben Wallace, Britain’s Security and Economic Crime Minister while speaking to The Times newspaper on Saturday said, Britain has new Unexplained Wealth Orders which will take effect from next week to clamp down on money laundering. The Unexplained Wealth Orders (UWOs) will be used by officials to seize suspicious assets owned by corrupt politicians, public officials, and others, until those under investigation can properly account for their acquisition.

UWOs allow the British authorities to freeze and recover property if individuals are unable to explain how they acquired assets in excess of £50, 000.

Wallace said he wanted the “full-spectrum” attack on organized crime and on Oligarchs, corrupt politicians and international criminals using Britain as a haven.

“When we get to you we will come for you, for your assets and we will make the environment that you live in difficult.” he said.

Speaking of Russian involvement, Wallace highlighted the Laundromat case in which ghost companies, many based in Britain were used to launder Russian money through Western banks. Wallace said Russian oligarchs suspected of corruption will also be forced to explain their wealth.

“What we know from the Laundromat expose is that certainly there have been links to the (Russian) state. The government’s view is that we know what they are up to and we are not going to let it happen anymore

“Beneath the gloss there is real nastiness,

“We are going to go after these iconic individuals, whether they are known about in their local community or known about internationally.” Wallace said

Wallace also stated that a lawmaker from a country where MPs do not receive big salaries, but suddenly buys a luxury townhouse in central London, would have to prove how they paid for it.

“We will seize that asset, we will dispose of it and we will use the proceeds to fund our law enforcement

“I have put pressure on the law enforcement agencies to use those (UWOs) soon. ” he said.

Dozens of targets have been identified, with two test cases being readied.

Officials estimate that around £ 90 billion ($ 127 billion, 102 billion euros) of illegal funds are laundered through Britain every year and this includes money stolen from the Nigerian treasury.