View more on these topics

Money laundering probe targets £80m London properties

Hunting-Houses-House-Home-Property-700x450.jpgThe High Court has issued a freezing order on three London homes worth £80m, as the government takes another step forward in its anti money-laundering crackdown.

The National Crime Agency asked for an Unexplained Wealth Order against an unnamed foreign official last week, the BBC reports.

In only the second ever use of such an order, the official must disclose the source of their wealth, and cannot sell or pass on the homes until they do so.

The homes are held by offshore companies, but the NCA can apply to seize the properties if the order is not satisfied.

The orders are a new power granted to investigate persons from outside of the European Economic Area suspected of laundering money through British property, and where fraud or embezzlement overseas would be difficult to prosecute in a British court.

The locations of the homes were also not disclosed, but were descried by the NCA in a statement as “prime locations” in London.

NCA head of asset denial Andy Lewis says: “[UWOs are a] powerful tool in being able to investigate illicit finance flowing into the UK and discourage it happening in the first place”.

Recommended

2

Profile: ‘More of my time is spent running the firm than meeting clients; I never wanted to do that’

Paterson Financial Planning managing director on selling his firm to his staff through an employee ownership trust With many careers, the further up the corporate ladder you go, the more you are taken away from the things you initially loved about the role. Greater responsibility often brings with it the need to manage people, so […]

Is there a 10-year charge on my trust?

It is over 10 years since, the then Chancellor, Gordon Brown changed the inheritance tax (IHT) treatment of trusts so that most trusts effected on or after 21 March 2006 fall under the relevant property regime. From 21 March 2006, as flexible trusts (also known as interest in possession) were treated as relevant property, many […]

A dog’s life and a new home: The Wellesley Grove Journal

A weekly account of the curious goings-on in the world of financial services Dog-gone, I lost my savingsAs the Money and Pensions Service tells us: “Your bed is great for many things – but storing your savings certainly isn’t one of them.” Like everyone else though, this WGJ reporter has more than one distant older […]

6

Contingent charging still damaging advice impartiality, says LEBC

Contingent charging throws doubt on whether advice to transfer can be truly transparent and should be removed from the industry as a payment structure, LEBC has argued. Director of public policy Kay Ingram has backed the work and pensions select committee of MPs on their continuing push to ban the contingent charging model this morning. […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 2 comments at the moment, we would love to hear your opinion too.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com