A woman from Azerbaijan has been named as the first target of Unexplained Wealth Order (UWO) law, Britain’s new law to tackle money laundering.
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The new British law seeks to hold to account “politically exposed persons” such as politicians and civil servants who are not citizens of the European Economic Area (EEA) and other individuals suspected of getting their wealth through serious crime.
The law, incorporated earlier this year as part of the UK’s Criminal Finances Act, 2017, allows authorities to seize assets over £50,000 (about Rs 49 lakh) that are suspected to be proceeds of corruption or organised crime.
An Unexplained Wealth Order (UWO) issued by a court can be used to force suspects to reveal the sources of their wealth.
The UWO law is significant because of the UK’s reputation for providing a relatively easy path to laundering stolen money. In a special report in April, the Financial Times said a popular estimate puts “the amount concealed in the UK each year (at) £90 billion”.
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