Unexplained wealth is tracked down in London by New Law.

 

Unexplained Wealth Orders: How to catch the corrupt and corrupt money in the UK

UNEXPLAINED WEALTH ORDERS: HOW TO CATCH THE CORRUPT AND CORRUPT MONEY IN THE UK



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.

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No to Off-Shore assets demo in UB!

UBdemo3

A demonstration was held in Ulaan Baatar on 31st March, to protest politician’s personal off shore assetts of at least $US 17 Billion. Social conditions are decaying in Mongolia and people have to get money from Korean loan sharks for food, while a few individuals have more wealth than the entire country. This has forced Mongolians into action, as they realize that the life blood is being sucked out of their country by their elected officials past and present. They demanded that proper investigations be conducted and the stolen money returned.

A first step would be to recall Mr S Bayar from his ridiculous appointment as ambassador to the UK, check his daughter’s off shore accounts and demand explanations for his trading in luxury mansions around the world.

According to Associated Press and the official version there were a few hundred people present in the square. Eye witness versions count well over 25,000.  No National TV was there to cover the biggest rally in Mongolia since 2008.

The atmosphere was peaceful and calm, showing the quiet determination of the people to take their country back by due process, giving no opportunity for the corrupt government to use strong-arm tactics against them.