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May govt’s new bill: Explain funds, or lose UK property

Oct 15, 2016 07:50 AM IST

LONDON: Foreigners seeking to buy property in London and elsewhere in Britain will need to explain the source of their funds, or face seizure of funds and assets, after a new law to curb international corruption comes into force, official sources here said.

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According to Britain’s National Crime Agency, many hundreds of billions of pounds of international criminal money is laundered through UK banks, including their subsidiaries, each year. Most of it ends up in real estate, pushing up prices to unrealistic levels.

The Criminal Finances Bill published by the Theresa May government on Thursday seeks to curb this inflow.

After it becomes law, enforcement agencies will be given new powers to seize the proceeds of crime and demand that the subjects of such action explain the origin of their wealth.

Among the measures being introduced are unexplained wealth orders, which will force those suspected of serious crime to explain where their wealth has come from, or risk having it seized.

Security minister Ben Wallace said: “The UK is one of the best places in the world to do business but it will only stay that way if we take steps to protect the integrity of our financial system and the security of our citizens ... We will not stand by and watch criminals use the UK to launder their dirty money or fund terrorism.”

Anthony Browne, CEO of British Bankers’ Association, added: “Criminals exploit financial transactions to serve their wicked ends. In an ever growing digital world they continually try to find new ways in which money can enter and leave the economy looking legitimate”.

The legislation also includes the introduction of a new criminal offence for companies who fail to prevent tax evasion, and the extension of disclosure orders to money laundering and terrorist financing cases.

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