The UK government’s drive for greater transparency regarding the beneficial ownership of companies appears to have had, at best, limited success. A continued lack of openness and the rise of so-called company factories – addresses with no connection to the real owner that are used simply to complete the paperwork - have done little to help the authorities’ attempts to establish the true ownership of many enterprises.
Rahman Ravelli’s Aziz Rahman wrote an article that considers what the implications of this could be for anyone asked to explain the source of their wealth to the authorities. He examines this with reference to unexplained wealth orders, which look set to be increasingly common. His article, which has just been published by Lexology, can be read here.