Officials estimate that around £90 billion ($127 billion, 102 billion euros) of illegal funds are laundered through Britain every year, including money stolen from the Nigerian treasury.
Now officials will use new unexplained wealth orders (UWOs), which came into effect last week, to seize suspicious assets and hold them until they have been properly accounted for, the Times of London reported yesterday, quoting Ben Wallace, Security and Economic Crime Minister.
Wallace said Russian oligarchs suspected of corruption will be forced to explain their wealth.
“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 said.
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Originally posted 1970-01-01 00:00:00.