Russians told to lift lid on riches
LONDON Russian oligarchs suspected of corruption are to be forced to explain their luxury lifestyles in Britain as part of a ‘‘full-spectrum’’ attack on organised crime.
Officials are preparing to use new orders, which came into effect this week, enabling them to seize suspicious assets until those under investigation can properly account for their acquisitions. Dozens of targets have been identified, with two test cases being readied.
Security Minister Ben Wallace said he wanted the ‘‘full force of the government’’ to bear down on criminals and corrupt politicians using Britain as a playground and haven.
‘‘When we get to you, we will come for you, for your assets and we will make the environment that you live in difficult,’’ he warned.
The government estimates that about £90 billion (NZ$174b) of illegal cash is laundered in Britain every year.
Wallace said he wanted to harness public awareness of corruption created by the BBC television drama McMafia, which highlights Russian organised crime in Britain.
He pointed to the so-called Laundromat case, in which 21 ghost companies, many based in Britain, were used as part of a huge scam to wash dirty money from Russia through Western banks and links to the Russian state. ‘‘The government’s view is that we know what they are up to and we are not going to let it happen any more.’’
Under previous rules, British authorities had few powers to act on highly suspicious wealth unless the owner of the assets had a conviction in the country of origin.
Unexplained wealth orders (UWOs), created as part of the Criminal Finance Act, now allow the authorities to freeze and recover property if individuals are unable to explain how they acquired assets in excess of £50,000 (NZ$97,000).
Transparency International has campaigned for UWOs after saying it had identified £4.4b (NZ$8.5b) worth of questionable property in Britain.
‘ When we get to you, we will come for you, for your assets and we will make the environment that you live in difficult.’
The Times