Investigating & Recovering Hidden Money & Other Assets
This Asset Search News Roundup discusses: hiding assets through International Business Corporations; the continued restraint of Dennis Kozlowski’s assets; and the guilty verdict against Senator Ted Stevens for concealing his home renovations and other gifts:
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The Bank of Lithuania, (i.e. the central bank of Lithuania), announced its recent anti-money laundering measures at a May 15, 2008 board meeting. The Bank’s focus on money laundering might already be paying off. The Financial Intelligence Unit for Lithuania for example, recently detained two international gang members for suspected money laundering.
According to…
Some people commit identity theft or aggravated identity theft and then hide their illicit gains by laundering them. This Asset Search News Roundup is therefore about both identity theft and money laundering:
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Based on a March 2003 FinCEN Advisory, informal banking systems, (a.k.a. informal value transfer or alternative remittance systems), have been around since 5800 BC. Such systems are abused by terrorists to transfer their funds, as more fully described by a presentation from the Organization for Security and Co-operation In Europe. According to said…
At "Asset Search Indicia For Divorce, Debt Collection & Bankruptcy ", I described a number of common asset concealment methods. Three of these methods, (i.e. cash, portable valuable commodities and nominees), are explored by this week’s "Asset Search News Roundup":
a) As I suggested to Forbes Magazine in its March 13, 2008 article "…
One way a debtor may frustrate an asset search or delay forced collection proceedings is to dissipate assets through an excessive divorce settlement. According to "Tyco gets OK to freeze Kozlowski’s assets" for example, ex-Tyco chief executive Dennis Kozlowski may be using his divorce settlement to delay his creditors. At In Re: Tyco…
Covered by this "Asset Search News Roundup" are: a German student arrested for hiding $15 million in his luggage; Sir Ian Blair’s resignation amidst a public corruption claim; and the financial fraud investigation of AIG Insurance Company.
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Perhaps most challenging, are asset searches and / or investigations seeking to uncover Nazi-looted art. Such searches can ultimately end up in the filing of a Holocaust-related art restitution case. As suggested at the article "Thousands of Nazi-Looted Works Are Held by Museums, Survey Says", lawyers, auction houses, genealogists and art detectives…
Given the fact that some beneficial owners conceal funds in bank accounts used as money laundering "links", this "Asset Search News Roundup" describes money laundering news from around the world:
1. Australia: The Australian Institute of Criminology, has released its September report, "Money laundering risks of prepaid stored value cards". Said…