Fighting Corruption - A Guide to Unexplained Wealth & Account Freezing Orders
In 2015, David Cameron announced the government’s commitment to ensure that ‘the UK must not become a safe haven for corrupt money from around the world’.
Two years later, a number of significant and far-reaching extensions to the powers of the UK's criminal investigative and enforcement agencies were enacted in the Criminal Finances Act 2017.
This webinar will consider the operation and practical implications of the two most significant (and often controversial) new powers contained in the 2017 Act - Unexplained Wealth Orders (‘UWOs’) and Account Freezing Orders (‘AFOs’).
What You Will Learn
This webinar will cover the following:
- The Criminal Finances Act 2017 - the single biggest leap forward in anti-corruption / proceeds of crime law since the Proceeds of Crime Act in 2002?
- The two most impactful powers contained in the 2017 Act: Unexplained Wealth Orders (‘UWOs’) and Account Freezing Orders (‘AFOs’) and why they are so significant
- The circumstances in which a UWO / AFO can be made; the legal requirements, potential subjects and scope of each type of order
- The practical effects of a UWO / AFO: who can be ordered to disclose what; the extent and duration of asset freezing; the implications for professional advisors (banks; lawyers; accountants; trustees) and other third parties
- What happens after an UWO / AFO is made: the realities of civil recovery actions and implications for subjects and third parties