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£22 million housing unexplained wealth order

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Politically exposed person' ordered to show they bought £22m British properties legally

'We are determined to use all of the powers available to us to combat the flow of illicit monies into, or through, the UK'

http://www.independent.co.uk/news/uk/crime/unexplained-wealth-order-corruption-first-time-22-million-property-london-politically-exposed-person-a8233626.html

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This is awesome! Its actually starting.  Take the corrupt money out of pcl and you're back to Brits buying houses based on their income. Even bankers cant afford prices as they are today, even with current interest rates. Implies prices more or less halving for family houses and more for "luxury" flats. UWOs are such a powerful catalyst imo as it converts price insensitive buyers just looking to launder cash into forced sellers. 

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They don't need to actually do anything. Just the threat of this happening should affect sentiment and all the Russian and Chinese funny munny will start to get worried.

Seeing as UK plc needs dosh, I imagine this will be the way to go, especially as;

Quote

After the High Court issues an order, the respondent is required to explain the extent of their interest in the specified property and how it was obtained - shifting the burden of proof from investigators to suspects.

A failure to comply can spark attempts to seize it under civil proceedings, on the assumption it has been obtained through unlawful conduct.

 

Edited by fru-gal

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9 hours ago, iamnumerate said:

Shame I hoped it was one from central England.

It will be someone allegedly "important" that is of no consequence to TPTB but a lovely "example" for the plebs to cling on to.  Then..................f*ck all else will happen.

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11 hours ago, Freezer? Best place for it said:

They will have chosen some one who can be “found” innocent.

Why? An unknown foreign government official - what incentive is there to find him innocent? There is plenty of incentive to seize the property. 

More likely this person could use his domestic influence to create a back history to justify his massive wealth.

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Attempts to control laundered money flooding in have proved ineffective - initially by getting estate agents to do the checks :lol:

The UWO puts the burden onto the buyer that makes it highly effective if used widely and will deter buyers from the UK. More likely they will turn their attention to other cities - Paris perhaps - traditional home for ex-dictators 

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1 hour ago, Ah-so said:

Attempts to control laundered money flooding in have proved ineffective - initially by getting estate agents to do the checks :lol:

The UWO puts the burden onto the buyer that makes it highly effective if used widely and will deter buyers from the UK. More likely they will turn their attention to other cities - Paris perhaps - traditional home for ex-dictators 

Putting a few eas and lawyers in jail and bankrupting them will concentrate their minds.

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2 hours ago, Ah-so said:

Attempts to control laundered money flooding in have proved ineffective - initially by getting estate agents to do the checks :lol:

The UWO puts the burden onto the buyer that makes it highly effective if used widely and will deter buyers from the UK. More likely they will turn their attention to other cities - Paris perhaps - traditional home for ex-dictators 

Agree - the introduction of UWOs are highly significant - you only need to have one or two cases to significantly impact corrupt people's willingness to put money into London property, and to sell what they already have . And if the foreign funny money goes its tickets. Property is illiquid and price discovery happens at the margin. The marginal buyer of PCL has been a foreigner and (I'm guessing) with a high probability that at least some of their wealth would be hard to justify. 

When we sold our house in Notting Hill one of the people who came closest to buying it was from Ukraine. When i asked what he did i was told seriously (by the estate agent) "he's in pharmaceuticals - don't ask". Its been open that the money coming in was suspect. Agents have been running a don't ask don't tell policy - that's over. 

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4 hours ago, Freezer? Best place for it said:

In order to show the Uber-wealthy are fluffy people who help stray dogs, little kittens, and shyte candy cotton.  There “will” be no problem, and squat done.

Yes, mid-ranking bureaucrats and HMRC officials are all corrupt and desperate to pointlessly ingratiate themselves with corrupt overseas politicians. 

Or not. The world is not as hopelessly corrupt as you think. It is mainly populated by people who want to do the right thing but who are constrained by resources and time and events. 

The reason for UWO is to shift the burden of proof so to remove these assets from corrupt foreign officials without having to prove corruption to a criminal level.

There will be some high profile cases followed by a flood of sales and a drying up of new funds.

 

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3 minutes ago, Ah-so said:

.There will be some high profile cases followed by a flood of sales and a drying up of new funds.

If they charge a washing machine salesman, or anyone else, I will gladly admit you’re right (but I’m not holding my breath - I remember the Guinness guy getting better after sentencing (dementia?)).

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2 hours ago, Freezer? Best place for it said:

If they charge a washing machine salesman, or anyone else, I will gladly admit you’re right (but I’m not holding my breath - I remember the Guinness guy getting better after sentencing (dementia?)).

Well if a washing machine salesman buys a £10m house they probably will. But very few do.

What happens quite often is politicians from developing countries with salaries of £50,000 and no declared additional income buy £10m houses.

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8 hours ago, Chrippie said:

Agree - the introduction of UWOs are highly significant - you only need to have one or two cases to significantly impact corrupt people's willingness to put money into London property, and to sell what they already have.

[snip]

Significant that this is happening when PCL is already falling fast . 

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