The Russian invasion of Ukraine has highlighted so-called `oligarch wealth’ and the need to target particular aspects of financial crime. Focusing on the UK, in comparative perspective, this book examines recent measures taken to combat criminal finance. The study critically analyses the effectiveness of current provisions for combating corruption and unexplained wealth, in particular in relation to Politically Exposed Persons (PEPs) and organised crime. The aim is to compare Unexplained Wealth Orders (UWOs), not only to the other pre-existing provisions under the Proceeds of Crime Act (POCA) 2002, but also other jurisdictions with similar provisions. One of the main objectives is to follow the application and workability of the provisions in the Criminal Finances Act (CFA) 2017 in practice and the effect not only on directly affected groups such as the respondent, the relevant authority, and any third parties such as financial institutions, but also, on the society as a whole. The analysis is supported by consideration of other provisions aimed at combating grand corruption and the role of sanctions in this area.
The book explores the similarities and differences between the jurisdictions and identifies the lessons that can be learned. Ultimately it addresses whether the novel UWO provisions are effective in addressing unexplained wealth and proposes improvements to the law and enforcement in this area.
The book will be a valuable resource for researchers, academics and policy-makers working in the areas of Criminal Law, Financial Law, Criminology and Business Studies.
