Anti-money laundering

International AML News - Hundreds of properties could be seized in UK corruption crackdown

In Britain a new criminal finances bill will include an ‘unexplained wealth order’ forcing suspects to disclose source of their assets. This bill is designed to close a loophole which has left the authorities powerless to seize property from overseas criminals unless the individuals are first convicted in their country of origin.

Hundreds of British properties suspected of belonging to corrupt politicians, tax evaders and criminals could be seized by enforcement agencies under tough new laws designed to tackle London’s reputation as a haven for dirty money.

Huge amounts of corrupt wealth is laundered through the capital’s banks. The National Crime Agency believes up to £100billion of tainted cash could be passing through the UK each year. Much of it ends up in real estate, and in other assets such as luxury cars, art and jewellery.

Digital Currency

TI Australia calls for digital and virtual currencies to be included in their AML regulations

Digital Currencies - a letter to the PM TI Australia joins with the Tax Justice Network in calling for the Prime Minister, Malcolm Turnbull, to make the inclusion of digital and virtual currencies under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 a priority.

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