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When I think of Frank Sinatra's "My Way," I see a connection to the main ideas behind intellectual property law. "My Way" embodies personal expression and an individual's journey through life, which parallels the concept of the ideas-expressions dichotomy in copyright law. It echoes the principle that music, literature, or art can be copyrighted while allowing others to explore the same ideas without infringing upon that particular expression. Sinatra's anthem also celebrates uniqueness, which is reflected in the definitions of all of the varying types of intellectual property.

The Purpose of This Blog

The articles on this blog are all written, reviewed, and edited by me, Mr Peter Adediran, the Digital Media and Intellectual Property Solicitor at PAIL Solicitors. They are intended to empower the new generation of business executives, professionals, business owners and creatives who want to keep up with intellectual property, digital media and entertainment law in the digital age. Most importantly, empower the community of creatives who want to create works "their way". In today's rapidly evolving digital landscape, staying informed and increasing knowledge in specialised legal services is crucial for e-commerce and digital technology businesses. At PAIL® Solicitors, we understand the unique challenges start-ups, business owners, professionals, business executives, creatives, writers and talent face in protecting their intellectual property and navigating legal complexities. By reading this blog and engaging us as your legal representatives you can safeguard yours and your company's reputations, make informed financial decisions, and confidently expand into new markets by focusing on continuous learning and expertise in these areas.

This blog contains articles on the following themes:

  • Advice on Protecting Digital Content

Encouragement to Stay Informed and Protected

For creatives and businesses alike, staying informed about legal issues surrounding intellectual property is critical. Knowledge is a powerful tool for safeguarding one’s work from infringement or misuse. We encourage individuals to engage with our resources, participate in discussions, and keep abreast of developments in IP law. 

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Discover Insights :

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.

Meet The Team: Peter Adediran; Maya El Husseini; Gabrielle Felix; Poppy Harston

Unexplained Wealth Order Lawyer
 

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