SFO secures first Unexplained Wealth Order in £100m fraud case
UK News and communications, 2025-01-17 14:57
The Serious Fraud Office (SFO) has secured its first Unexplained Wealth Order (UWO) in a £100m fraud case. The order was granted by the High Court on Monday, January 16, 2025, and is the first of its kind to be obtained by the SFO.
The UWO compels the respondent, a foreign national, to explain the source of their wealth, which includes a £50m mansion in London and a fleet of luxury cars. The respondent is suspected of laundering money through the UK after being involved in a fraudulent scheme in their home country.
The SFO began investigating the respondent in 2021 after receiving intelligence from international law enforcement partners. The investigation has since uncovered evidence of a complex money-laundering operation, with funds being moved through multiple shell companies and bank accounts.
The UWO is a powerful tool that allows the SFO to investigate the wealth of individuals suspected of involvement in serious crime, even if there is no evidence of a specific criminal offence. The order requires the respondent to provide evidence of the source of their wealth within a specified time period. If they fail to do so, the SFO can apply to the court to seize their assets.
The SFO has welcomed the granting of the UWO, describing it as a significant step forward in the fight against money laundering. Lisa Osofsky, Director of the SFO, said: “This is the first time the SFO has secured an Unexplained Wealth Order, and it sends a clear message that we will use all the tools at our disposal to investigate and prosecute serious fraud.”
The UWO is a relatively new tool in the SFO’s arsenal, having only been introduced in 2018. However, it has already been used successfully by the National Crime Agency (NCA) to seize assets worth millions of pounds.
The SFO’s investigation into the respondent is ongoing, and the UWO is expected to play a key role in uncovering the source of their wealth. The SFO is also working closely with international law enforcement partners to trace and recover the stolen funds.
SFO secures first Unexplained Wealth Order in £100m fraud case
The AI has provided us with the news.
I’ve asked Google Gemini the following question, and here’s its response.
UK News and communications a new article on 2025-01-17 14:57 titled “SFO secures first Unexplained Wealth Order in £100m fraud case”. Please write a detailed article on this news item, including any relevant information. Answers should be in English.
110