The Government is due to publish a new proceeds of crime bill tomorrow, which will introduce Unexplained Wealth Orders (UWOs), as reported in The Times (paywall).

UWOs would allow the police to apply for an order to require individuals to explain their source of wealth where it exceeds their lawful income. They will be an useful antidote to foreign public officials on low salaries and no other obvious source of legal income who hold valuable UK property, as reported  following the release of the Panama Papers.

Our James Maton was a member of the Transparency International panel that developed a detailed proposal for UWOs (see summary here). We will publish our analysis of the Government’s proposal once it is published.

Posted by Jamie Humphreys

Jamie is an associate in Cooley's London office and a member of the Litigation department. He qualified in 2008. He has a broad range of experience acting for governments, companies and individuals on complex commercial litigation disputes, with a recent focus on civil fraud, anti-corruption and asset tracing. He has experience of English, Caribbean and Hong Kong court proceedings, as well as mediations and arbitrations.