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Digital Media, IP & Technology Law Insights

Legal analysis for founders, creators, technology businesses and brands across intellectual property, digital media, AI, platforms and commercial law.

PAIL Solicitors digital media, intellectual property and technology law insights
PAIL® INSIGHTS Ideas · Rights · Technology · Commercial Strategy
The Idea Behind PAIL® Insights

Why “My Way”?

Frank Sinatra’s My Way captures something fundamental about intellectual property: the distinction between an idea and the individual expression of it.

Copyright does not give someone ownership of an idea itself, but it can protect the particular way that idea is expressed through music, literature, art and other creative works.

That principle of creating, building and expressing something your way sits at the heart of this blog. PAIL® Insights explores the legal issues that arise when creativity, technology and commerce meet — and the rights, relationships and decisions that determine who can control and benefit from what has been created.

About the Blog

Practical Legal Insight for a Digital World

PAIL® Insights brings together legal analysis, practical guidance and commentary across intellectual property, digital media, AI and technology, creators and talent, reputation, platforms and commercial law.

The articles are written for founders, businesses, creators and professionals who need to understand not only what the law says, but how legal developments affect ownership, commercialisation, contracts, risk and growth.

Every article is written, reviewed or edited by Peter Adediran, Founder Solicitor at PAIL® Solicitors.

Written & Reviewed By Peter Adediran Founder Solicitor · Intellectual Property · Digital Media · Technology · Commercial Law
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Unexplained Wealth Orders and Cryptoassets Explained

Unexplained Wealth

Unexplained Wealth Order and Cryptoassets Explained






So you are a cryptocurrency entrepreneur and have assets from cryptocurrency, including NFTs or other peer-to-peer currency, over £50,000.00?

It is highly likely that you find yourself on the radar of law enforcement if your stated income is not commensurate to your assets. Getting on the enforcement authority radar means probably receiving an Unexplained Wealth Order (UWO). UWOs have been around for a while, but the invasion of Ukraine has generated a lot of momentum concerning UWOs. The courts are seeing a massive increase in applications for UWOs and an increase in cryptocurrency entrepreneur respondents.

The Passage of the Economic Crime (Transparency and Enforcement) Act 2022

In response to the current situation in Ukraine, on 15th March 2022, the UK Government fast-tracked the passage of the Economic Crime (Transparency and Enforcement) Act 2022 (the “2022 Act”). The aim is to dissuade PEPs from redirecting their property to the UK unlawfully. Some of the changes introduced by the 2022 Act include:

  1. Amendments to the Unexplained Wealth Order (UWO) regime (Part 2, sections 45 to 53 of the Act). These amendments include-

 a) The requirement that the Secretary of State shall publish an annual report in which they detail the number of UWOs applied for and granted.

 b) Creation of a new category of person who can receive a UWO. This will now include “responsible officers” of the entity that owns the property.

 c) Creation of a new alternative test for granting an UWO.

 d) Allowing the National Crime Agency to simultaneously apply for an UWO and interim freezing order prohibiting the respondent from selling it.

 e) Limiting the liability of enforcement authorities to pay costs in legal proceedings relating to UWOs (or interim freezing orders).

2.Amendments to Creating a Register of Overseas Entities (Part 1, sections 1 to 44 of the Act). This amendment establishes a Register of Overseas Entities (Register), increasing transparency on ownership and control of overseas entities of UK property. Any beneficial owner with 25% ownership stake in a company must be registered.

 

To obtain a quotation, please contact us at (020) 7305-7491 or at peter@pailsolicitors.co.uk. We would be delighted to assist you. Mr Peter Adediran is the owner and principal solicitor at PAIL® Solicitors. Subscribe to our newsletter to get blog post updates and other information about the firm straight to your inbox.

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