LONDON, April 21 (Reuters) - Britain could force those with unexplained wealth to declare the source of their funds under new plans to crack down on money-laundering announced by the government on Thursday.
Under the proposals for "Unexplained Wealth Orders", those who are not able to say where their wealth has come from or who fail to cooperate with the authorities will have their assets seized.
"Britain's world-leading financial system is at risk of being undermined by money-laundering, illicit finance and the funding of terrorism," Home Secretary (interior minister) Theresa May said in a statement.
"We will not tolerate this type of activity in our financial institutions ... we will act vigorously against the criminals and terrorists responsible, to protect the security and prosperity of our citizens, and safeguard the integrity of Britain's financial economy."
Extra measures will be taken to improve reporting of suspicious activity, the government said, while a new offence of illicit enrichment could also be brought in for public officials who have had a significant and unexplained increase in wealth.
The proposed changes, subject to a six-week consultation, also include new powers to be able to designate a company as of money-laundering concern, requiring banks, lawyers and accountants to take special measures when dealing with them.
The Times reported that Prime Minister David Cameron, who is due to host an anti-corruption summit next month, will also announce plans for the details of owners of offshore companies who buy property in Britain to placed on a public register.
Last year, Cameron said the government would look at what it could do to make property ownership by foreign companies more transparent. A government consultation on what steps could be taken was carried out earlier this year.
"We are now in the process of considering responses and then we will set out next steps," Cameron's spokeswoman said.
(Reporting by Kylie MacLellan; editing by Stephen Addison)