Unexplained wealth orders
Chrisol Correia, head of AML at LexisNexis Risk Solutions, comments on the Home Office’s plan to order individuals to explain suspicious sources of wealth.
Commenting on the plans, Chrisol said: “By reversing the burden of proof onto individuals to demonstrate the legitimacy of suspicious wealth, the UK will strengthen its defences against money laundering and other financial crimes. The precedents of Unexplained Wealth Orders set in other countries show that collaboration between banks and law enforcement can be very effective. For similar measures to be successful in the UK, clear guidance on the red flags that indicate unexplained wealth and banks’ reporting obligations will be needed. However, the proposed measures, in conjunction with additional oversight of professionals such as lawyers, accountants and estate agents, will make the UK a less attractive place for money launders.”