Abstract
Unexplained Wealth Orders (UWOs) Under the UK's Criminal Finances Act 2017: The Role of Tax Laws and Tax Authorities in Its Successful Implementation
Highlights
On 30 September 2017, the United Kingdom implemented a powerful new investigative tool known as an “unexplained wealth order” in its Criminal Finances Act 2017
All of these leaks have led to calls for numerous reforms to counteract all versions of hiding money. They raised greater awareness of the link between financial criminal laws and tax laws, which will boost policymakers’ efforts in this area.[59]. It is against this background that this paper finds it timely and worthwhile to shed more light on this link in the case of Unexplained Wealth Orders” (UWOs)
Either taxation laws can be applied alongside proceedings resulting from a UWO or, in case the UWO proceedings do not succeed, the proceeds of crime can still be reduced through taxation, since the information gathered throughout the process often uncovers various income, capital and transactions that were not reported for tax purposes
Summary
On 30 September 2017, the Criminal Finances Act 2017 entered into force in the United Kingdom. Where UWO laws may differ from one another will be on the more detailed questions of scope, such as which individuals, which types of properties or assets, at which values, and what (amount of) discrepancy triggers suspicion They will differ on questions of procedure, such as which authorities, what evidentiary standards, when the burden of proof shifts, and what information the statement must contain. Explanation of this asset, and possibly even freezing or seizing the asset), the asset serves as possible proof that a crime may have occurred and instigates further investigation Against this background, UWOs could be described as falling under the category of “asset forfeiture” law or “confiscation” law,[12] as it deals with the seizure,[13] and possible recovery, of assets or property.[14] This is the main possible legal consequence or effect of the order. This is why UWOs can be seen both as a “powerful” investigative tool, but potentially “controversial”
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