The UK government on Saturday announced an expansion to a scheme that captures dormant assets, in order to raise an estimated £800 million ($1.09 billion) that it says will help boost recovery from the CCP virus pandemic.
The Dormant Asset Scheme currently accepts dormant assets from participating banks and building societies, who identify accounts that have not been touched for at least 15 years. If owners of the accounts can’t be reached through “a thorough reunification process,” the funds can be transferred to Reclaim Fund Ltd (RFL). The government then decides how to spend the money.
