UK puts money laundering squarely in its crosshairs

London

THE United Kingdom will allow its law enforcement agencies to target "unexplained wealth" and seize the UK assets of dictators and human rights abusers, even for offences committed overseas.

This week, the House of Commons passed the third reading of the Criminal Finances Bill with a unanimous vote - heralding a draconian antidote to endemic money laundering and tax evasion over the years.

The National Crime Agency (NCA) estimates that 1-3 per cent of gross domestic product or up to £90 billion (S$158 billion) a year enters the country, courtesy of criminals, terrorists, nefarious…