Source · Select Committees · Foreign Affairs Committee
Recommendation 3
3
Acknowledged
Paragraph: 12
Recent changes to the Economic Crime (Transparency and Enforcement) Act 2022 seek to make it...
Conclusion
Recent changes to the Economic Crime (Transparency and Enforcement) Act 2022 seek to make it easier to apply for UWOs, but a law is only as effective as its enforcement.
Government Response Summary
The Government notes the conclusion and states UWOs are one of several tools to investigate and recover proceeds of crime. Reports on the use of UWO powers will be publicly available, and the Home Office will draft and lay an annual report in Parliament covering the numbers of UWOs that are made and applied for.
Paragraph Reference:
12
Government Response
Acknowledged
HM Government
Acknowledged
The Government notes this conclusion. Unexplained Wealth Orders (UWOs) are one of several tools in our arsenal to investigate and recover the proceeds of crime and should not be viewed in isolation. UWOs are an investigatory tool which can provide information to support recovering the proceeds of crime. In 2020/21, just under £219 million of the proceeds of crime were recovered within England, Wales, and Northern Ireland. This continues the general trend of improved performance since 2016/17. In addition, over £840 million worth of assets were restrained, frozen, or seized in the course of investigations under the Proceeds of Crime Act in 2020/21, and a total of £139 million of Confiscation Orders were imposed following conviction during the same year. Reports on the use of UWO powers will be publicly available. The Home Office will draft and lay an annual report in Parliament covering the numbers of UWOs that are made and applied for. In terms of enforcement, the Government developed a sustainable funding model that demonstrates our commitment to tackling economic crime. The Spending Review 21 settlement and the Economic Crime Levy represent an overall package of circa £400 million to tackle economic crime over the next three years. Through these investments, we are significantly enhancing our law enforcement capabilities to investigate and seize dirty money.