Priti Patel brings in emergency laws to crack down on ‘McMafia’ millions and force oligarchs to prove the origins of their fortune
- On Tuesday, Home Secretary Priti Patel will introduce legislation to Parliament
- The proposals will law enforcement take more effective action against oligarchs
- Those unable to adequately explain their wealth could have their homes seized
Emergency laws to tackle dirty Russian money will be brought in this week.
On Tuesday, Home Secretary Priti Patel will introduce legislation to Parliament to overhaul Unexplained Wealth Orders, which can be used to tackle so-called ‘McMafia’ criminal operations.
The proposals are designed to help law enforcement agencies take more effective action against oligarchs, compelling them to prove the origins of their funds in the UK.
On Tuesday, Home Secretary Priti Patel will introduce legislation to Parliament to overhaul Unexplained Wealth Orders
Those who are unable to demonstrate the wealth was obtained legitimately could find their homes seized.
Unexplained Wealth Orders (UWOs) have been used only four times since they were introduced in 2018 and not once since Boris Johnson became Prime Minister in 2019.
Last week Mr Johnson pledged to overhaul the system as part of his package of measures in response to Vladimir Putin’s invasion of Ukraine.
The reforms will ensure that properties owned by complex ownership structures are within scope of UWOs.
Last week Mr Johnson pledged to overhaul the system as part of his package of measures in response to Vladimir Putin’s invasion of Ukraine
Agencies will also be granted new legal powers to use the orders and prevent them from incurring substantial legal costs if they use the powers ‘reasonably’, a Government source said, adding that this would allow them to take on riskier cases.
The time in which law enforcement agencies will have to review material relating to UWOs will also be extended.
A Government source said last night: ‘Russian elites who are abusing our financial systems will have no place to hide as our law enforcement agencies target those who are connected to the Kremlin, sending a message that dirty Russian money cannot be hidden or laundered in the UK.’