UK Says New Powers Sign Crackdown On Illicit Wealth

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LONDON — The British authorities has launched new powers to grab suspicious property that it says will assist curb London’s standing as a haven for ill-gotten beneficial properties.

A measure known as unexplained wealth orders, which got here into impact this week, permits authorities to grab property over 50,000 kilos ($70,000) till homeowners account for a way they have been acquired.

Safety Minister Ben Wallace informed Saturday’s Instances of London that the federal government was sending criminals a message that “we’ll come for you, in your property and we’ll make the surroundings that you simply reside in troublesome.”

The federal government estimates 90 billion kilos in unlawful money is laundered in Britain yearly, a lot of it passing via London monetary corporations and town’s real-estate market.

Wallace mentioned the federal government wished to construct on consciousness generated by TV collection “McMafia,” presently working on the BBC. Tailored from Misha Glenny’s nonfiction e book, the drama collection centres on a London financier entwined with Russian criminals.

Wallace mentioned the collection, starring James Norton, was “very near the reality.”

Russia has been much less impressed. The Twitter account of the Russian Embassy in London has dismissed the present’s depiction of Britain as “a playground for Russian gangsters.”

“Crime fee amongst Russians in U.Okay. is nicely beneath nationwide common,” the embassy tweeted final month, accusing the BBC of spreading cliches.

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