The Home Office has revealed that only 20 foreign tycoons are expected to be targeted each year under a new law to stop criminal profits being laundered in Britain.
Anti-corruption group Transparency International today said the figure was a “far cry from the ambition voiced by ministers” when introducing the Criminal Finances Bill.
The legislation will allow courts to issue “unexplained wealth orders”, requiring foreigners to show that assets were acquired with legitimate funds or face having them seized.
But a Home Office impact assessment predicts that the power will remain unused in its first year “as part of the learning curve”, and thereafter will be used in only 20 cases each year.
Transparency International’s policy director, Duncan Hames, said: “If use of these powers turned out as presumed in this impact assessment - without urgency or ambition - that would be a big disappointment.
“We strongly suspect there are hundreds of properties in London which have been acquired with the proceeds of corruption.”
Home Office officials said the prediction of 20 cases a year was a “conservative estimate”.
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