Articles

Incisive commentary from leading voices in the world of compliance

28 Oct 2016
Published in Article

SPECIAL REPORT – MEXICO AND THE HUMAN COST OF FINANCIAL CRIME

KYC360 investigative reporter Clementine Wallop examines the unusual case of Zapata vs HSBC Holdings PLC. Families of several US citizens killed by Mexican drug cartels are suing HSBC under the Anti-Terrorism Act, which creates civil liability for supporters of terrorism, for the bank’s role in laundering billions of dollars of drug money.

13 Oct 2016
Published in Article

United States v. Napoli: Substitute Assets

Stefan Cassella of Asset Forfeiture Law, LLC considers the recent judgment of United States v. Napoli which established that to show that the proceeds of a crime are unavailable due to an act or omission of the defendant, it is sufficient for the Government to show that the defendant no longer has substantial assets. Such a showing supports an inference that the proceeds have been spent and that the defendant is the one who spent them.

12 Oct 2016
Published in Article

Monte dei Paschi di Siena – a bank in crisis

Monte dei Paschi di Siena (MPS), founded in 1472, is the world’s oldest bank, and one of Italy’s largest. It is a bank in crisis. Headquartered in a 14th century palazzo in Siena, the bank has fared particularly badly in recent Europe-wide banking stress tests, and is seeking €5 billion in recapitalisation funds. It has additionally, on 8 September, seen its CEO Fabrizio Viola agree to step down amid waning investor confidence.

22 Sep 2016
Published in Article

United States v. Batato: In Rem Jurisdiction Over Foreign Assets / Fugitive Disentitlement

Stefan Cassella of Asset Forfeiture Law, LLC reviews United States v. Batato, which established that a district court in the United States has jurisdiction to issue a default judgment of forfeiture against assets located in a foreign country, if the crime giving rise to the forfeiture occurred, at least in part, in the United States.

08 Sep 2016
Published in Article

Doraville Properties Corporation v. Her Majesty’s Attorney General: Foreign Enforcement of US Forfeiture Order / Kleptocracy

Stefan Cassella of Asset Forfeiture Law, LLC discusses a recent judgement given by The Royal Court of Jersey which found that a default judgment in a US civil forfeiture case against assets stolen by a foreign dictator is enforceable under Jersey law.