On 27 April the UK parliament passed an important provision of the Criminal Finance Bill that introduces a powerful new weapon into the anti-corruption arsenal: Unexplained Wealth Orders. This follows action already taken in Australia and Ireland.
The provision specifically targets red flag situations where a person buying expensive items, like property or jewels, doesn’t appear to be wealthy enough to make the purchase. It could be a politician in Mongolia or a small business owner in Brussels who buys a multi-million pound property in central London. If the person has access to public money, then the authorities have the right to investigate and return the money to the rightful owners.
The law is also tightening on tracking down offshore accounts from persons with unexplained wealth and access to public funds. The onus falls on 20 Mongolian elite families to prove they are not connected to unexplained wealth that is certainly existing, in the form of 15 to 20 Billion US dollars in offshore accounts connected to Mongolia.
Because Mr S. Bayar has chosen to publicly place himself in London, the centre of this new legislation, it is up to him to clear his name first and without delay.
In March 2017, Transparency International research identifiedLondon properties worth a total of £4.2billion (US$5.4 billion) that were bought by individuals with suspicious wealth.