Unexplained Wealth Orders, Explained
A new law is making its way through parliament as part of the Criminal Finances Bill which will give the Serious Fraud Office, HMRC, the National Crime Agency and other agencies the power to requiring an individual to explain the ownership of assets and how they were obtained. Kyle Phillips of law firm Howard Kennedy explains what Unexplained Wealth Orders might mean for prime residential property...
Kyle Phillips is an Associate specialising in corporate crime at HKOne, Howard Kennedy’s legal concierge service.
What to read next
Unexplained wealth orders: How is the British law changing and will it stop dirty money circulating in London?
The Economic Crime Act allows the government to convey the impression that it is ‘doing something’ about the proceeds of kleptocracy being laundered in the UK - but far more fundamental and far-reaching…
Crime Agency secures first Unexplained Wealth Orders against two properties worth £22m
Ownerships of two properties in London and the South East are being investigated under new Criminal Finances powers, which have been dubbed the "McMafia Law"
By PrimeResi
UK real estate & the Register of Foreign Owners: New registration requirements, explained
As a transparency measure, the Government is set to introduce a Register of People with Significant Control over Overseas Companies owning UK real estate.
By Ronnie Myers
Companies in this article
Howard Kennedy LLPMost read
Inside St John’s Wood Square: Sales launch at ‘once-in-a-generation’ super-prime project
Portia Fox-designed show apartment unveiled as long-awaited transformation of historic NW8 barracks site hits the market, with pricing revealed for the first time.
Forbes-backed brokerage adds another big name to PCL line-up
Latest Founder Partner brings nearly four decades of top-end agency experience to Martin Bikhit’s new venture.
Major developer calls time on London as viability ‘fundamentally broken’
Economic rewards for taking development risk in the capital have 'evaporated,' says housebuilding giant boss.
By PrimeResi
RFR brings in super-prime specialist as MD
Former Knight Frank partner joins Chelsea-based buying firm.
Native Land unveils £15.5mn penthouse with one of Marylebone’s biggest roof terraces
In Pictures: Developer rounds off sales programme at well-received PCL scheme with a flourish.
Knight Frank adds more affiliate brokers as enquiries top 170
Agency continues rollout of self-employed model as it targets key territories across South East and West London.
Martin Kemp Design takes up residence near Buckingham Palace
Luxury design practice moves into new Buckingham Place studio, with a run of prime resi projects underway and a growing furniture range.
Bugatti teams up with Rhodium for global branded resi drive
Luxury car marque brings Dean Main's outfit in to build on resi projects in Dubai and Miami.
By PrimeResi
‘Not for the faint-hearted’: Jo Eccles on navigating today’s prime London market
Hesitant buyers, ‘unicorn’ hunters and behind-the-scenes fee wars are adding to the complexities of getting a deal done, explains Eccord’s MD.
By Jo Eccles
Have PCL property values turned a corner?
Fresh Savills data suggests the pace of decline is easing across prime markets, as buyers & sellers become 'more aligned on price.'
By PrimeResi
LATEST ARTICLES
Luxury London lettings hit record levels as international buyers bide their time
Wealthy residents 'have not turned away' from Prime Central London, says JLL.
Five Charts: Prime buyer & seller attitudes in Autumn 2026
There are significant challenges but 'commitment to move home remains in positive territory,' concludes Savills after surveying more than 1,000 prospective buyers & sellers.
By PrimeResi
Chancellor ‘rules out’ lowering mansion tax threshold to £1.5mn
John Healey reportedly rows back on cutting the HVCTS entry point in this month's Budget, following backlash from London MPs.
By PrimeResi
Dilemma, dilemma: Lucian Cook on the psychology & science of pricing in the current market
Savills' research chief explores the market mechanics and mental gymnastics behind pricing strategies for top-end instructions.
By Lucian Cook
New head of sales at Knight Frank Islington
Sophie McCarthy takes the reins after 17 years with the agency.