UNEXPLAINED WEALTH ORDERS “AS SIGNIFICANT IN FIGHTING CORRUPTION AS THE BRIBERY ACT”

Transparency International UK welcomes passing into law of Criminal Finances Bill

Issued by Transparency International UK



The passing into law on 27 April of Unexplained Wealth Orders, a provision of the Criminal Finances Bill, is as significant in the global fight against corruption as the 2010 Bribery Act, according to Transparency International UK.

Transparency International’s research has exposed the role of the UK as a safe haven for corrupt money laundered from all over the world, harming ordinary citizens both in the UK and abroad. Unexplained Wealth Orders will empower UK law enforcement agencies to target corrupt money flowing into the UK and more easily return it to those from whom it has been stolen.

In March 2017 Transparency International research identified London properties worth a total of £4.2billion that were bought by individuals with suspicious wealth. The anti-corruption watchdog is now calling on the next Government to ensure these powers are used effectively to target all suspicious wealth being brought into the UK.

Duncan Hames, Director of Policy Transparency International UK, said:

“We welcome the cross-party support the Criminal Finances Bill received, reflecting the importance of this legislation. Unexplained Wealth Orders will help the UK get its house in order on suspicious wealth and help return stolen assets to countries that are blighted by corruption. This is a journey that has seen us aggressively threatened with legal action by an oligarch from the former Soviet Union, amidst a climate of intimidation of our offices overseas, cyber-attacks on our colleagues and smear campaigns against anti-corruption activists; landmark legislation such as this makes all those sorts of threats worth the risk. ”

“Transparency International pays tribute to the expert members of its Illicit Enrichment Taskforce that originated the concept of using Unexplained Wealth Orders in the UK, as well as our team that have led the campaign to secure their passage into law. The support of organisations such as Global Witness and countless individuals, including Bill Browder, has been vital in ensuring these proposals are enacted.”

“Any law is only as good as its implementation and we now call on law enforcement agencies to use Unexplained Wealth Orders as soon as they are empowered to do so, and the next Government to ensure they are properly resourced. The £4.2billion worth of London properties we identified as having been bought with suspicious wealth represent low-hanging fruit for Unexplained Wealth Orders and ought to be a good starting point for their use. We look forward to announcements from the National Crime Agency that they have initiated proceedings and expect to see a significant dent in this £4.2billion worth of London property in the first twelve months.”

The use of Unexplained Wealth Orders in the UK originated following an Illicit Enrichment Taskforce convened by Transparency International in early 2015, that later published its findings here. In October 2016 our research found that a single house, owned by the Gaddafi family, was the only asset the UK had recovered from political elites of Arab Spring states.


For any press enquiries please contact

Dominic Kavakeb
T: +44 20 3096 7695
M:+44 79 6456 0340
E: .(JavaScript must be enabled to view this email address)

Latest

Support Transparency International

Blog: Gender and corruption: where do we go from here?

While corruption and gender have become increasingly prominent on the global agenda, and it’s increasingly recognized that anti-corruption measures are central to reducing the gender gap, the pace of change has so far been glacial. Urgent action is needed, but is sorely lacking.

Blog: Verifying the beneficial owner of companies. Why and how.

While existing rules emphasise the need for accurate, reliable and up-to-date beneficial ownership information, verification of information provided by companies is often minimal, when it happens at all.

Troika Laundromat signals a different kind of financial crisis

The Troika Laundromat investigation shines a spotlight on a cast of new and familiar characters in the ongoing saga surrounding flows of dirty money through the world’s financial system.

الأبعاد الخطيرة للتعديلات الدستورية المقترحة في مصر

يتأهب نواب البرلمان المصري للمصادقة على سلسلة من التعديلات الدستورية، التي ستؤدي في حال تمريرها إلى ترسيخ مزيد من السلطة بيد الرئيس، وتنصيب الجيش مجددا كأعلى سلطة في البلاد.

The alarming message of Egypt’s constitutional amendments

Parliamentarians in Egypt look set to approve a series of constitutional amendments this week that, if passed, would consolidate power in the office of the president, while restoring the military as the ultimate authority in the country.

Восточная Европа и Центральная Азия: слабая система сдержек и противовесов

Индекс восприятия коррупции (ИВК) за этот год представляет печальную картину касательно мер по борьбе с коррупцией в Восточной Европе и Центральной Азии. За несколько лет в этом регионе был достигнут очень незначительный прогресс в борьбе с коррупцией.

الشرق الأوسط وشمال أفريقيا: انتشار الفساد في ظل ضعف المؤسسات وتراجع الحقوق السياسية

كشف مؤشر مدركات الفساد 2018 عن صورة قاتمة لواقع الشرق الأوسط وشمال أفريقيا حيث أن معظم بلدان المنطقة قد أخفقت في مكافحة الفساد على الرغم من أن قلة قليلة من البلدان قد أحرزت تقدما تدريجيا.

Afrique subsaharienne:Les régimes non démocratiques sapent les efforts de lutte contre la corruption

L’Indice de perception de la corruption (IPC) présente cette année un tableau bien sombre de l’Afrique : seuls 8 pays sur 49 obtiennent un score supérieur à 43 sur les 100 points que compte l’Indice. Malgré l’engagement pris par les dirigeants africains de faire de 2018 l’Année africaine de lutte contre la corruption, les avancées concrètes se font encore attendre.

Trouble at the top: why high-scoring countries aren’t corruption-free

For the third year running, the top seven countries in the Corruption Perceptions Index 2018 consist of the four Nordic nations – Denmark, Finland, Sweden and Norway – plus New Zealand, Singapore and Switzerland. Yet that doesn’t mean that these countries are corruption-free.

Social Media

Follow us on Social Media