Unexplained Wealth Orders - Are we likely to see Asian jurisdictions follow the new UK regime? - Josh Heiliczer

Josh Heiliczer of EY

Feb 7, 2019

Josh Heiliczer, Partner, Advisory Services at EY discusses Unexplained Wealth Orders.

Jump to section:

1. Unexplained Wealth Orders - Are we likely to see Asian jurisdictions follow the new UK regime?

Video transcript

1. Unexplained Wealth Orders - Are we likely to see Asian jurisdictions follow the new UK regime?

Unexplained Wealth Orders, I think they’ll definitely be coming to Asian jurisdictions. Hong Kong already has something similar where if there is an unexplained wealth they could essentially come in and ask you questions and to substantiate the source of the wealth and where it’s coming from. I imagine that most countries in the Asia- Pacific region will look towards Unexplained Wealth Orders as well. It’s a good way of basically saying, well if you have brought funds into the market we don’t necessarily need to prove any predicate offense, we don’t need to prove money laundering, we don’t need to prove any tax evasion, you just explain to us so that it puts the burden on you as a politically exposed figure or a wealthy person, to explain the source of your wealth. Definitely pops up in newspapers, particularly about the real estate market in different areas. That is going to continue to be a function and will definitely be coming to jurisdictions out here in Asia.

More videos from Josh Heiliczer, EY

Latest Articles

Latest News