Written 20th January 2025 by Olliers Solicitors
On Friday, 17th January 2025, the Serious Fraud Office (SFO) obtained its first Unexplained Wealth Order (UWO) at the High Court. The order relates to a Lake District property believed to have been purchased using proceeds from a £100 million fraud.
Valued at approximately £1.5 million, the property is owned by Claire Schools, the former wife of Timothy Schools, a convicted solicitor sentenced to 14 years in prison in 2022.
The High Court granted the SFO an order to freeze the property, ensuring that any proceeds from its sale are safeguarded. Additionally, Ms. Schools has been instructed to provide detailed information about the acquisition of the property within 28 days. This information may serve as the basis for the SFO to pursue legal action to seize the asset in the future.
This development follows a confiscation hearing earlier this month at Southwark Crown Court, where an additional £1 million was confiscated from Timothy Schools.
The UWO represents a significant milestone for the SFO as it continues its efforts to recover assets linked to financial crime.
What is an Unexplained Wealth Order?
Introduced by virtue of the Criminal Finances Act 2017, Unexplained Wealth Orders (UWOs) provide enforcement authorities with powerful tools to investigate the origins of suspicious wealth.
A UWO is an investigative measure issued by the High Court, provided specific legal criteria are met. These orders may target individuals suspected of serious criminal activity or those classified as politically exposed persons (PEPs).
To secure a UWO, an enforcement authority must demonstrate reasonable grounds to suspect that the individual, whether a PEP or involved in serious crime, lacks sufficient legitimate income to justify the acquisition of specific property valued at over £50,000. The property in question must also be proven to be in the individual’s possession.
This framework is designed to enhance the ability of authorities to address illicit financial activity and ensure greater accountability for unexplained wealth.
Effect of an Unexplained Wealth Order
Once a UWO is granted the respondent is required to provide information on specified matters which require them to prove the legitimate ownership of property and the means by which it was obtained. The UWO is an investigation tool that sits alongside other powers available to prosecuting authorities under POCA.
This is the first UWO used by the SFO since they were introduced by parliament in 2017. The SFO is the second law enforcement agency to ever use the tool.
Nick Ephgrave QPM, Director of the Serious Fraud Office (SFO), said:
“This is a milestone case for the SFO and follows on from last week’s successful £1 million recovery to go back to the victims in this case.
Wherever criminal assets have been hidden or dispersed, we will progress our investigations with determination and explore new methods to recover funds for victims and the public purse.”
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Olliers is one of the UK’s leading criminal defence and regulatory law firms, specialising in the defence of individuals, businesses, and other organisations across a broad range of corporate and financial fraud crime, regulatory offences, serious crime and sexual offences. We act in professional discipline matters. We use the same skillset to represent individuals and organisations facing criticism before inquests and public inquires.
