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Apr 21, 2021

Lord Ashcroft Says Unexplained Wealth Act is Tool against Corruption

Lord Michael Ashcroft

Ashcroft points out there are other tools and regulations that G.O.B. can adopt to reduce corruption.  One of the measures refers to the “Unexplained Wealth Law” or “wealth order” where if probes show that someone’s total wealth exceeds their lawfully obtained wealth, he or she will have to explain how they achieved that wealth.  Using this legal recourse, authorities can confiscate the proceeds of crime and or corruption.

 

Lord Michael Ashcroft

“United Kingdom in 2017 passed this piece of legislation which I will describe and I believe Trinidad has just passed it which is if somebody demonstrably has assets, the known income doesn’t substantiate why they have those assets but if they are served an order and if they cannot explain the source of their wealth the state confiscates those assets. So, it depends how serious a country wants to be in remedying some of the problems in the nation that go back a long time and have been built up a long time.”


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