Hundreds of properties could be seized in UK corruption crackdown

[Leader]

Hundreds of British properties suspected of belonging to corrupt politicians, tax evaders and criminals could be seized by enforcement agencies under tough new laws designed to tackle London’s reputation as a haven for dirty money.

Huge amounts of corrupt wealth is laundered through the capital’s banks. The National Crime Agency believes up to £100bn of tainted cash could be passing through the UK each year. Much of it ends up in real estate, and in other assets such as luxury cars, art and jewellery.

The criminal finances bill, published on Thursday, is designed to close a loophole which has left the authorities powerless to seize property from overseas criminals unless the individuals are first convicted in their country of origin.

It will introduce the concept of “unexplained wealth orders”. The Serious Fraud Office, HM Revenue and Customs and other agencies will be able to apply to the high court for an order forcing the owner of an asset to explain how they obtained the funds to purchase it.

The orders will apply to property and other assets worth more than £100,000. If the owner fails to demonstrate that a home or piece of jewellery was acquired using legal sources of income, agencies will be able to seize it.

The law targets not just criminals, but politicians and public officials, known as “politically exposed persons”. Depending on how quickly it passes through parliament, the bill could come into force as early as spring 2017.


https://www.theguardian.com/busines...al&utm_source=twitter.com&utm_campaign=buffer

mehndi hae rachnay wale, ganjay ki hae bajnay wali

 

[Realistic Change]

Can Qatari Prince write a letter to British Courts as well- telling of all the money launderers there is one who was Could Be/Would Be/Should Be Amir ul Momineen - I hope these courts will be as "competent" as ours and accept his letter as solid evidence of innocence.

 

[mueeztheman]

This is the first time I am hearing of this. For a free democracy, British media is even more heavily controlled than the Pakistani media. Especially BBC, it is quite blatant propaganda and sometimes just does not mention important stories if it does not suit their agenda. However there is one channel called RT UK, which is Russian owned, also biased but shows the other side of the story that the mainstream British media does not.