No more in a quiet harbor

So,
should Russian owners of British real estate expect mass confiscations of
property?
Alexey Mozzhukhov, head of the international legal Department of IPT

In mid-October, our
information environment  was
exploded by the news on the possible confiscation of Russian oligarchs’
property in the UK. It was related to the Criminal Finances Bill introduced to
the British Parliament on 13 October.

 How big is the risk?

A reason for concern actually exists.

According to the Criminal Finances Bill, the owner of property in the United
Kingdom can be sent a request about their property of unconfirmed origin
(unexplained wealth order). In accordance with this request, the owner of the
property must disclose the sources used for the purchase of the asset before
the established deadline. Apart from real estate, the term “property”
in this context refers to precious metals, precious stones and items of
artistic value. An owner who provides inaccurate information is criminally
liable, while evading the disclosure of the sources of funds used for the
purchase creates a presumption of their illegal nature. According to the Bill,
such request can be sent by the High Court, which acts upon the application submitted
by law enforcement agencies. And the list of law enforcement agencies in the
United Kingdom authorized to send such requests to the High Court is truly
impressive.