News

U.K. investigators are preparing to seize assets of suspicious origin under an anti-corruption measure that took effect Wednesday, a development analysts believe spells trouble for financial institutions that fail to vet their clients and the source of their funds. The outgoing head of the Serious Fraud Office, David Green, said coordinated reviews of tax documents and other records have already unearthed “matters of interest” that could be used to issue unexplained wealth orders, or UWOs, which ease government seizures of property, money and other assets worth more than £50,000 from politicians, suspected criminals and their associates pending proof of legitimate...