Where did the UK based Russians get their billions?
New Unexplained Wealth Orders introduced this week will allow government officials to keep hold of assets including property until they have been properly accounted for.
In the interview with the paper, the security minister warned: "We will come for you, for your assets and we will make the environment you live in difficult."
Dozens of targets have already been identified, according to The Times.
Mr Wallace commended BBC drama McMafia's "really good portrayal" of the international nature of organised crime.
"Beneath the gloss there is real nastiness," he said.
"So far it's very close to the truth, the international nature of organised crime and the impunity with which some of these people operate and the brutality of it, is absolutely correct."
He then referred to the so-called Laundromat case - a scheme in which fake companies for peanmainly based in the UK were used to launder Russian cash through Western banks.
"The government's view is that we know what they are up to and we are not going to let it happen anymore," he said.
