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NCA investigates how owner afforded £80m London homes | NCA investigates how owner afforded £80m London homes |
(about 7 hours later) | |
Three London homes worth more than £80m have been frozen by the High Court in the second-ever use of anti-corruption orders to stop foreigners laundering cash in the UK. | Three London homes worth more than £80m have been frozen by the High Court in the second-ever use of anti-corruption orders to stop foreigners laundering cash in the UK. |
The Unexplained Wealth Orders (UWOs) were sought last week against a foreign official who was not named in court. | The Unexplained Wealth Orders (UWOs) were sought last week against a foreign official who was not named in court. |
The National Crime Agency has demanded that the subject of the probe explains the source of their wealth. | The National Crime Agency has demanded that the subject of the probe explains the source of their wealth. |
The homes cannot be sold or given a new owner until the investigation is over. | The homes cannot be sold or given a new owner until the investigation is over. |
The properties are held by offshore companies. | The properties are held by offshore companies. |
UWOs are a new anti-financial crime power targeted at foreign government officials and their families from outside the European Economic Area (EEA) who are believed to have laundered stolen money through British property. | UWOs are a new anti-financial crime power targeted at foreign government officials and their families from outside the European Economic Area (EEA) who are believed to have laundered stolen money through British property. |
If the suspect - known as a "politically exposed person" - cannot explain the source of the wealth, the NCA can ask the High Court to order the homes' seizure. | If the suspect - known as a "politically exposed person" - cannot explain the source of the wealth, the NCA can ask the High Court to order the homes' seizure. |
The measure aims to target people who have committed huge frauds and embezzlements abroad where there is little or no chance of obtaining the evidence to convict them in a British court. | The measure aims to target people who have committed huge frauds and embezzlements abroad where there is little or no chance of obtaining the evidence to convict them in a British court. |
The first ever UWO was used against Zamira Hajiyeva, the wife of a jailed Azerbaijan banker, who lives in a £12m London home and owns a Berkshire golf course. | The first ever UWO was used against Zamira Hajiyeva, the wife of a jailed Azerbaijan banker, who lives in a £12m London home and owns a Berkshire golf course. |
Court papers disclosed to the BBC on Tuesday revealed how she spent £16m in Harrods over a decade without raising suspicions. | Court papers disclosed to the BBC on Tuesday revealed how she spent £16m in Harrods over a decade without raising suspicions. |
That legal action has so far lasted 15 months - and she not only denies wrongdoing but is also appealing against the potential loss of her property. | That legal action has so far lasted 15 months - and she not only denies wrongdoing but is also appealing against the potential loss of her property. |
In a statement, the NCA said the three more recent orders were against property in "prime locations" in the capital. | In a statement, the NCA said the three more recent orders were against property in "prime locations" in the capital. |
Andy Lewis, the NCA's head of asset denial, said UWOs are a "powerful tool in being able to investigate illicit finance flowing into the UK and discourage it happening in the first place". | Andy Lewis, the NCA's head of asset denial, said UWOs are a "powerful tool in being able to investigate illicit finance flowing into the UK and discourage it happening in the first place". |
"The individuals behind these offshore companies now have to explain how the three properties were obtained," he said. | "The individuals behind these offshore companies now have to explain how the three properties were obtained," he said. |
Unexplained Wealth Orders have caught the public's eye because of the extraordinary allegations of mysterious wealth hidden behind the doors of some of Britain's mansions. | Unexplained Wealth Orders have caught the public's eye because of the extraordinary allegations of mysterious wealth hidden behind the doors of some of Britain's mansions. |
But the fact is that the cases so far brought by the NCA are probably the tip of an iceberg of suspected corruption. | But the fact is that the cases so far brought by the NCA are probably the tip of an iceberg of suspected corruption. |
Of the properties owned by overseas companies in England and Wales, two-thirds are registered to firms in the British Virgin Islands, Jersey, Guernsey and the Isle of Man - which means it can be difficult to work out who ultimately benefits from the asset | Of the properties owned by overseas companies in England and Wales, two-thirds are registered to firms in the British Virgin Islands, Jersey, Guernsey and the Isle of Man - which means it can be difficult to work out who ultimately benefits from the asset |
The government is supposedly committed to banning the ownership of British property through shadowy companies - but nothing has been done. | The government is supposedly committed to banning the ownership of British property through shadowy companies - but nothing has been done. |
Until there is more clarity on who owns what, already-stretched financial crime investigators will struggle to seize the suspected billions of stolen loot washing around the British property market. | Until there is more clarity on who owns what, already-stretched financial crime investigators will struggle to seize the suspected billions of stolen loot washing around the British property market. |
Robert Barrington, executive director of campaign group Transparency International, welcomed the latest UWOs - but said much more needed to be done. | Robert Barrington, executive director of campaign group Transparency International, welcomed the latest UWOs - but said much more needed to be done. |
He said: "London has long been the playground of the world's corrupt kleptocrats and oligarchs - it's very encouraging to see that this is at last being challenged." | He said: "London has long been the playground of the world's corrupt kleptocrats and oligarchs - it's very encouraging to see that this is at last being challenged." |
"Two years ago we identified £4.4bn worth of UK property bought with suspicious wealth. From that list of around 150 cases, two have now been progressed." | "Two years ago we identified £4.4bn worth of UK property bought with suspicious wealth. From that list of around 150 cases, two have now been progressed." |
He said the two cases represent "progress" but are "still an insufficient response to the magnitude of the problem". | He said the two cases represent "progress" but are "still an insufficient response to the magnitude of the problem". |
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