World Economy

London Says Going After Illicit Wealth

London Says Going After Illicit WealthLondon Says Going After Illicit Wealth

Britain says new powers to seize suspicious assets will help curb London’s status as a haven for ill-gotten gains, AP reported. A measure called unexplained wealth orders, which came into effect this week, allows authorities to seize assets over £50,000 ($70,000) until owners account for how they were acquired. Security Minister Ben Wallace told Saturday’s Times of London that the government was sending criminals a message that “we will come for you, for your assets and we will make the environment that you live in difficult.” Wallace says the TV drama series “McMafia,” which centers on Russian criminals funneling money through London’s financial district, is “very close to the truth.” The government estimates £90 billion in illegal cash is laundered in Britain every year. The show, based on a book of the same name by Misha Glenny, depicts how some members of the super-rich use London as a hub for a global web of criminal activity and a life of luxury that comes at the expense of those lower down the ladder.

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