The January 21st "Asset Search News Roundup" talks about tracking Nazi-looted art; a proposed rule for detecting bank deposits by foreigners; and the Haitian money trail.

  1. The Swiss have made available on the Internet the "FDHA/FDFA Report on the State of Work on looted Art during the National Socialist era, in particular, on the subject of provenance research".  It analyzes whether Swiss museums are conducting provenance research to identify any Holocaust-era art that might have earlier been looted by the Nazis.  The report indicates that some museums say they lack funds to perform such research which helps track Nazi-looted art.

  2. On January 7th the IRS proposed a rule called "Guidance on Reporting Interest Paid to Nonresident Aliens".  The rule would require U.S. banks to disclose to the IRS, interest on deposits paid to nonresident aliens / foreigners.  This type of financial intelligence may be used by the IRS to detect illicit assets sometimes parked in U.S. banks by foreigners.  It could too help the IRS supply information to tax authorities across the globe, consistent with tax information exchange agreements.
  3. As explained by "Recovering Assets In Switzerland Hidden By Dictators", the Swiss sought to pass their Restitution Of Illicit Assets Act ("RIAA"), after releasing assets of Mobutu Sese Seko and Haiti’s Jean-Claude "Baby Doc" Duvalier.  CNN reports at "Duvalier’s millions in Switzerland likely to return to Haiti", that the RIAA could soon be applied to recover $5.7 million which may be corruption proceeds possibly belonging to Baby Doc.  CNN has additionally published its "Haitian money trail" video concerning aid monies that might have gone missing in public corruption schemes:

 (Last Edited January 24, 2011)

Video: Courtesy of CNN

Copyright 2011 Fred L. Abrams