Unexplained Wealth & the UK’s New Economic Crime Acts - With Jonathan Fisher QC & Anita Clifford
This new seminar is designed to keep solicitors, accountants, financial services providers, estate agents, high value dealers, and all those working in the regulated sector up-to-date with the UK’s fast-moving new laws on unexplained wealth. Those working with the investigating and enforcement authorities are also welcome.
In its highly publicised efforts to attack unexplained wealth, the UK has passed the Economic Crime (Transparency and Enforcement) Act 2022. In its agenda for legislation in 2022/23, the Government is committed to presenting a second Economic Crime and Corporate Transparency Bill to Parliament.
The new laws target individuals using criminally obtained monies for transactions such as purchase and sale of property, business assets and luxury items such as cars, boats and planes. The idea is to make the UK a more hostile place for those seeking to move, hide or use the proceeds of crime or corruption.
A person does not have to be a foreign investor to be caught by these new laws. The unexplained wealth order applies to unlawfully obtained property held by any individual or a company valued at £50,000 or more. If the explanation concerning the origin of the funds used to acquire the property is inadequate, forfeiture proceedings in the High Court for civil recovery of the property can be brought. Taxation of unexplained wealth is also an option.
Similarly, there are wide powers applying to the forfeiture of cash and other forms of property (listed assets) seized by the enforcement authorities, and monies held in bank accounts may be subject to summary forfeiture in the Magistrates Court. Electronic currency such as crypto assets can be seized.
The course is presented by Jonathan Fisher QC, one of the country's leading experts in the forfeiture of unlawfully obtained property and the application of the Proceeds of Crime Act 2002, in collaboration with Anita Clifford, who is recognized in the independent law directories as an up-and-coming barrister in this area of practice.
What You Will Learn
This course will cover the following:
- How unexplained wealth orders work
- When an interim freezing order can be obtained
- Whether an order can cover property held abroad
- Setting aside an unexplained wealth order
- Civil recovery of property obtained by unlawful conduct
- Evidence required for a civil recovery order to be made
- Taxation of unexplained wealth
- Cash seized at airports, and generally
- Freezing monies held in a bank account
- Forfeiting seized monies
- Registration of overseas entities
- Reforms at Companies House
Please let us know if you wish to be notified.
Please let us know if you wish to be notified when new dates are added for this programme