Extra_Cover
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The reason for starting this new thread is to spread more awareness on this topic.
Basically since invasion of Ukraine by Russia, UK and the rest of Europe has gone into overdrive mode when it comes to sanctioning Russia and its oligarchs. One such advancement was upon passing new legislations to curb money laundering that happens from London. Its a well known phenomena that London is regarded as the 'money laundering' capital of the world and given the new political shift due to Russian invasion UK has started to act to shrug off this title. Many would agree its still a little too late however its a positive start.
One of the new legislation that would be passed would be upon Unexplained Wealth Order Reforms ("UWO").
I have extracted the new legislation below for reference.
What does this mean for Pakistan
Its well documented that Imran Khan has previously from UN forum raised a strong viewpoint upon money laundering that happens in West from underdeveloped countries. However, as Khan is not in power at the moment I would assume that current government would not welcome this.
From neutral perspective, the iron is currently hot only when it comes to Russia. All the new cases that would be tried under new UWO legislation would be targeted at Russians and once they have dealt with Oligarchs they would then turn their attention onto African and Asian countries.
Therefore, immediately I do not see any action against Pakistani money launderer (Nawaz and co.) however seeing how things are shaping up in West against Russia I'm hopeful that the axe would fall upon Nawaz and co sooner rather than later.
I would be pleasantly surprised if IK can raise his voice upon this new legislation and attract more international media onto undeclared properties of Nawaz and co and urge the UK government to test these properties under the updated economic crime act of UK. All in all let's see if PTI can stay ahead of the curve here, interesting times ahead.
Basically since invasion of Ukraine by Russia, UK and the rest of Europe has gone into overdrive mode when it comes to sanctioning Russia and its oligarchs. One such advancement was upon passing new legislations to curb money laundering that happens from London. Its a well known phenomena that London is regarded as the 'money laundering' capital of the world and given the new political shift due to Russian invasion UK has started to act to shrug off this title. Many would agree its still a little too late however its a positive start.
One of the new legislation that would be passed would be upon Unexplained Wealth Order Reforms ("UWO").
I have extracted the new legislation below for reference.
Unexplained Wealth Order Reforms
The Act also contains a number of provisions that are intended to strengthen unexplained wealth orders ("UWOs"). UWOs were introduced in 2018 as a tool for law enforcement authorities to tackle money laundering.
A UWO is a court order that requires the respondent to provide details of their interest in the specified property and explain how they obtained it (including, in particular, how it was paid for). If the respondent fails to comply, there is a presumption that the property was obtained through unlawful conduct, making it easier for authorities to seize.
UWOs are targeted at people who hold public office (outside Europe) or who are suspected to be linked with serious crime, and were intended to form part of a crackdown on high-end economic crime. However, to date there have been only four cases involving UWOs, with mixed results. The most recent case (Baker) ended in June 2020 with a defeat for the National Crime Agency ("NCA") and a costs bill in the region of £1.5 million. No UWOs have since been issued.
The Act aims to revitalise UWOs by making them easier to use and less financially risky for law enforcement authorities, which should encourage increased future use:
Costs rules are reformed to limit the costs to authorities that unsuccessfully seek to obtain a UWO, with the authority only being required to pay a respondent's costs where the authority has acted unreasonably, dishonestly or improperly.
UWOs are issuable to a respondent's directors, officers or trustees, making it easier for authorities to investigate property held via trusts or offshore structures.
Authorities are given more time to review material provided in a response to an UWO.
https://www.whitecase.com/publicati...gislation-tackle-economic-crime-and-sanctions
The Act also contains a number of provisions that are intended to strengthen unexplained wealth orders ("UWOs"). UWOs were introduced in 2018 as a tool for law enforcement authorities to tackle money laundering.
A UWO is a court order that requires the respondent to provide details of their interest in the specified property and explain how they obtained it (including, in particular, how it was paid for). If the respondent fails to comply, there is a presumption that the property was obtained through unlawful conduct, making it easier for authorities to seize.
UWOs are targeted at people who hold public office (outside Europe) or who are suspected to be linked with serious crime, and were intended to form part of a crackdown on high-end economic crime. However, to date there have been only four cases involving UWOs, with mixed results. The most recent case (Baker) ended in June 2020 with a defeat for the National Crime Agency ("NCA") and a costs bill in the region of £1.5 million. No UWOs have since been issued.
The Act aims to revitalise UWOs by making them easier to use and less financially risky for law enforcement authorities, which should encourage increased future use:
Costs rules are reformed to limit the costs to authorities that unsuccessfully seek to obtain a UWO, with the authority only being required to pay a respondent's costs where the authority has acted unreasonably, dishonestly or improperly.
UWOs are issuable to a respondent's directors, officers or trustees, making it easier for authorities to investigate property held via trusts or offshore structures.
Authorities are given more time to review material provided in a response to an UWO.
https://www.whitecase.com/publicati...gislation-tackle-economic-crime-and-sanctions
What does this mean for Pakistan
Its well documented that Imran Khan has previously from UN forum raised a strong viewpoint upon money laundering that happens in West from underdeveloped countries. However, as Khan is not in power at the moment I would assume that current government would not welcome this.
From neutral perspective, the iron is currently hot only when it comes to Russia. All the new cases that would be tried under new UWO legislation would be targeted at Russians and once they have dealt with Oligarchs they would then turn their attention onto African and Asian countries.
Therefore, immediately I do not see any action against Pakistani money launderer (Nawaz and co.) however seeing how things are shaping up in West against Russia I'm hopeful that the axe would fall upon Nawaz and co sooner rather than later.
I would be pleasantly surprised if IK can raise his voice upon this new legislation and attract more international media onto undeclared properties of Nawaz and co and urge the UK government to test these properties under the updated economic crime act of UK. All in all let's see if PTI can stay ahead of the curve here, interesting times ahead.
