Stefan Cassella of Asset Forfeiture Law, LLC comments on US v $70,990,605. Under Section 981(k), the holder of a foreign account has statutory standing to contest the forfeiture of a similar amount of money from his bank’s correspondent account in the U.S.
In the latest instalment of his KYC360 blog, Professor Nic Ryder reflects on the UK Government’s call for evidence on corporate liability for economic crime.
Not too long ago, the UK was talking a pretty good game on anti-corruption. And playing a pretty good game, too. But that is now at risk as the country stumbles its way towards an exit from the European Union. The Conversation
Think back to that famous image from The Sopranos. The main character, Tony Soprano, is the head of a fictional Mafia organisation dominating organised crime in New Jersey – a multimillion pound outfit behind an array of financial crimes from bookmaking, to racketeering, to loan sharking. In the garden of his family home lie massive containers, stuffed full of gigantic wads of cash.
As part of the plea agreement, the Government agreed to credit any assets recovered under the forfeiture laws to Defendant’s restitution obligation. The Government did recover various assets and did credit them to the restitution order, but Defendant objected that he was not given credit for the assets’ full value.
The financial sector has long been in the forefront of the fight against financial crime. But, as the industry works to rehabilitate its reputation following the global financial crisis, this largely unseen role is increasingly being brought into the light.
Defendant was convicted of bringing undocumented immigrants into the United States and of harboring and transporting them once they were in this country. She was also convicted of an overarching conspiracy to do all of the above. Her sentence included the forfeiture of her ranch.
Campaigners have frequently branded the UK a world money-laundering hotspot, citing the ‘terrifying’ scale of money laundering through the City of London. Is this fair? What is the UK doing to remedy the problem? Richard Nicholl investigates.
Specifically, Deutsche is alleged to have facilitated $10 billion in Russian ‘mirror-trades’ which could have been used to launder money and evade Russian capital controls. The following infographic explains how mirror trading works.
Our direction of travel for the past forty years, and especially since the financial crash, has been closely harnessed to EU and to global initiatives. And whilst the next two years will necessarily be focused on achieving Brexit in accordance with the Government’s negotiated outcome, there will come a time when we will need to step back to reflect on what we have and to step forward with what we need.
The Financial Action Task Force (FATF), in conjunction with the Asia Pacific Group (APG) recently issued a issued a report on financial flows in human trafficking, highlighting the opportunities and challenges of preventing predicate crimes ...
Swiss financial watchdog Finma said it decided to take enforcement action against Credit Suisse after an investigation found it had breached anti-money laundering regulations, such as beneficial ownership care, regarding a number of corporate scandals ...
Workers at Danske Bank’s Estonian unit may have colluded with customers in laundering cash, according to a probe into a money laundering scandal which involved 200 billion euros ($234 billion) flowing through its systems, covering ...
Officers from Nigeria’s financial crime agency visited the Lagos office of Standard Chartered’s (STAN.L) Nigerian operations on Friday, but the bank said in a statement that there was no reason for the officers to be ...
Every year some financial institutions around the world continue to open bank accounts which do not fully satisfy regulatory expectations
The Financial Action Task Force (FATF), in conjunction with the Asia Pacific Group (APG) recently issued a issued a report
By Ehi Eric Esoimeme In today’s environment sophisticated criminals are deploying (and ever more so) complex financial vehicles to conceal
If your job is looking for needles in a haystack, the last thing you want is a group of people