What are unexplained wealth orders and why is B.C. adopting them?

U.K.-based financial crime expert Maria Nizzero explained to a panel at the Vancouver Anti-Corruption Institute on Nov. 21, the much-trumpeted U.K. model has actually been a “Shakespearean tragedy” so far, requiring several key amendments, especially since Russia’s invasion of Ukraine more prominently exposed the embedded Russian kleptocrats in London. Nizzero says lessons have been learned since its implementation in 2018, as the so-called “McMafia orders”— dubbed so by British media — have only led to one successful case. Key changes to the U.K. model this year include: expanding the scope of assets that can be targeted, such as beneficial trust; expanding statutory time frames for its use; and properly resourcing applications by government.