Corrupt Nigerians to lose illegal wealth, properties to UK government soon

shakirudeen taiwo

February 5, 2018 4:41 AM

With the Unexplained Wealth Orders, all undisclosed investments of foreigners in UK will be seized by the government.

The government of United Kingdom has hinted it will be launching ‘Unexplained Wealth Orders’ (UWOs) which will see confiscation of unexplained wealth or properties in the country.

Wealthy and corrupt officials from Nigeria and other developing countries will be most affected by these new orders. This is because most of them buy properties in the United Kingdom to hide their investments or ill-gotten wealth.

Mr Ben Wallace, UK’s Security Minister, told the Times that the order is aimed at cracking down gangsters and corrupt officials across the globe. He also said the foreign criminals and corrupt members of the global elite will see the “full force of government” used against them.

"When we get to you, we will come for you, for your assets and we will make the environment that you live in difficult."

The new UWOs make lawful the seizure of assets of wealthy people suspected of having profited from the proceeds of crime.

According to official records, about £90bn of illegal money is laundered through the UK on a yearly basis

How will this affect Nigeria?

Nigeria’s Finance Minister, Mrs Kemi Adeosun said in a tweet that illegal wealth and undisclosed properties belonging to Nigerians will also be affected.

Kemi Adeosun said: “Next week the U.K. Govt will launch UWOs - Unexplained Wealth Orders - which will allow them to confiscate U.K. assets of foreigners suspected of possession of ill-gotten wealth.”

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So, the minister advised wealthy Nigerians to consider taking advantage of the Voluntary Assets and Income Declaration programme of the government. This, she said, is the only way to can avoid been affected by the new law.

“Now is, therefore, the time to take advantage of and declare all foreign incomes & assets.”

“It's essential for Nigerians resident in Nigeria to declare all their U.K. assets correctly under to avoid the U.K.'s new Unexplained Wealth Orders (UWOs). The Amnesty Window is open until March 31.”

“And this is only the beginning. More countries will follow suit with initiatives like this. There will be no hiding space for tax dodgers/evaders at home and abroad.”

shakirudeen taiwo

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