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UK Anti-Fraud Agency Obtains First Unexplained Wealth Order

The Serious Fraud Office secured its first unexplained wealth order Friday, winning custody over a £1.5 million luxury home in England’s Lake District after linking the property to a £100 million investment fraud.

Records list the owner of the property as Claire Schools, ex-wife of Timothy Schools, a former financial services professional now serving 14 years in prison for stealing and laundering tens of millions of pounds from Axiom Legal Financing Fund, the Cayman Islands-based firm he co-founded.

Schools was ordered by the High Court in London on Friday to demonstrate a legitimate origin for the funds used to purchase the property within 28 days, or risk the SFO “bring[ing] a case to seize the house at a later date.”

The National Crime Agency has obtained UWOs in five cases since Britain adopted the measure in 2017. Friday’s order marks the first obtained by the SFO.

Moneylaundering.com may update this coverage as more information becomes available.
Topics : Anti-money laundering , Fraud
Source: United Kingdom
Document Date: January 17, 2025