Assets worth £50million belonging to two British nationals have been frozen following an unexplained wealth probe. The order, granted by the High Court, saw eight vehicles valued at £600,000, a £1.9million yacht and a bank account containing £2.6million seized.
Investigation Under Proceeds of Crime Act
An investigation has been launched under the Proceeds of Crime Act to determine the origin of the money. The anonymous pair, referred to only as Mr X and Ms X, and their associated companies have three months to prove they legally obtained the funds used to purchase the items.
This is the second unexplained wealth order granted to the Crown Prosecution Service (CPS) since the power was introduced in 2018.
Consequences of Failing to Explain
If the pair fail to provide an adequate explanation or any response at all, the assets could be permanently seized by the CPS under civil law, without the need for a criminal conviction.
Chief Crown Prosecutor Adrian Foster said: 'We have successfully obtained an Unexplained Wealth Order and Interim Property Freezing Order against two British nationals and their associated companies in the United Kingdom.'
'They are now legally required to prove how they obtained their wealth, or risk having their assets seized following an application by the CPS's Civil Recovery Team.'
Case Timeline and Context
The case is set to return to the Royal Courts of Justice within 28 days for a hearing regarding the anonymity of the couple. The pair are not convicted or charged with any criminal activity.
Unexplained Wealth Orders, sometimes known as 'McMafia laws' after the BBC crime drama series, were introduced in the Criminal Finances Act 2017. The powers were first used in January 2018 to freeze £22million of assets belonging to Zamira Hajiyeva, wife of imprisoned fraudster Jahangir Hajiyev. In 2020, Leeds businessman Mansoor Mahmood Hussain was forced to give up a £10million portfolio of 45 properties over suspected money laundering.
