Andrew Smith quoted in the press after the Serious Fraud Office (UK) secured its first Unexplained Wealth Order (UWO)

Managing Partner Andrew Smith has been quoted in the press after the Serious Fraud Office (UK) secured its first Unexplained Wealth Order (UWO) last week. The SFO is seeking to recover a £1.5m property believed to have been purchased with the proceeds of crime.

Andrew notes that UWOs have been available since 2018, questioning the length of time it has taken to secure the first UWO and whether this is the beginning of a regular pattern.

He suggests that the SFO “hasn’t been as proactive” as the National Crime Agency (NCA) in using its civil recovery powers, preferring to rely on more traditional restraint and confiscation methods.

Read Andrew’s comments in The Times, Law360, Investment International and eprivateclient.