Today’s "Asset Search News Roundup" discusses yesterday’s arrest and indictment of Mr. Allen Stanford, who was the subject of my very last blog post. Just as Bernard Madoff was accused of money laundering, so is Mr. Stanford. Mr. Stanford has among other things, been indicted pursuant to 18 U.S.C. §1956 (h) (Conspiracy to commit money laundering). (Stanford Indictment, at pp. 45-48).
Mr. Stanford’s indictment claims that Mr. Stanford hid assets by laundering them through foreign bank accounts. (Id.). In connection with Mr. Stanford’s alleged crimes, U.S. authorities are also seeking the asset forfeiture of bank accounts in the United Kingdom, Canada and in Switzerland, including Geneva. (Id. at pp. 49-57).
Assuming illicit assets were actually hidden by Mr. Stanford in Geneva, then Swiss statutes like Art. 305bis Swiss Criminal Code: Money Laundering (English Translation), might be relevant. Finally, "An Asset Search In Geneva", explains some of the legal remedies which could apply to the asset forfeiture / seizure of any Stanford bank accounts maintained in Switzerland.
Copyright 2009 Fred L. Abrams