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Clifford Chance

Regulatory Investigations and Financial Crime Insights

Latest trends and developments in financial crime, enforcement and investigations

UK authorities secure unexplained wealth orders for the first time

On 28 February 2018, the UK National Crime Agency (NCA) announced that it had secured two unexplained wealth orders (UWOs) to investigate assets totalling £22 million believed to be ultimately owned by a politically exposed person (PEP). The orders relate to two properties in London and South East England.

The NCA and other selected UK authorities have been able to seek such orders, made under new provisions of the Proceeds of Crime Act introduced by the Criminal Finances Act 2017 (the Act), since 31 January 2018.