“Unexplained Wealth” Now Corruption Target In UK
November 1, 2018
Last month the first unexplained wealth order (UWO) in the UK was made public. The target was one Mrs. Zamira Hajiyeva, who is a recent purchaser of “two properties worth £22 million, a property in Knightsbridge and a golf course near Ascot” and the wife of the retired chairman of the International Bank of Azerbaijan, explains this post from attorneys in Morrison & Foerster’s London office. The husband is currently in prison in Baku, after being convicted of embezzlement, fraud, and a number of other offenses. The UWOs are a tool that may be issued against property valued in excess of £50,000 if the respondent is a so-called “Politically Exposed Person” or PEP. According to the terms of this controversial tool, once the UWO has been issued, the burden of proof is on the PEP to prove the property at issue was bought with legitimate funds.
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