May 29, 2019

Unexplained Wealth Orders obtained by the NCA in effort to identify money laundering in the UK real estate market

The UK National Crime Agency has secured Unexplained Wealth Orders (UWOs) for three prime residential properties in London, in connection with an investigation into the activities of a politically exposed person.  The properties are held by offshore companies; the UWOs require the owners to explain how the properties were obtained.  This is the second time the NCA has obtained a UWO since the new provision of the Criminal Finances Act 2017 came into effect on January 31, 2018. 

The UWOs are supplemented by interim freezing orders, which prevent the properties, which are valued at £80 million, from being transferred, dissipated or sold while the investigation is pending.