The Criminal Finance Act 2017 and Unexplained Wealth Orders (UK): Concerns and Implications

On September 30, 2017, the Criminal Finances Act 2017 will enter into force in the UK. The act amends the Proceeds of Crime Act 2002 (POCA) to empower the UK High Court, on the application of a UK enforcement agency, to make “Unexplained Wealth Orders” (UWOs). UWOs require respondents to provide a statement setting out the nature and extent of their interest in the property concerned, and explain how they obtained the property, including, in particular, how any costs incurred in obtaining it were met.