A StarTribune article says that Trevor Cook’s currency program fraud was the second-largest Ponzi scheme in Minnesota history. The article too mentions that prosecutors have accused one of the scheme’s participants, Gerald Durand, of a murder-for-insurance plot. The suspected plot surfaced at the “Government’s Motion For An Evidentiary Hearing Regarding Durand“, filed December
Recovering Assets By Cracking Down On Corruption Proceeds
The ACAMS / MoneyLaundering.com article “FATF’s Focus on Asset Forfeiture Could Challenge Some Nations”, especially raises the issue of recovering corruption proceeds. Near the end of this article, I am mentioned as saying that as part of their effort to crack down on corruption, Financial Action Task Force examiners may expect jurisdictions to track bribes paid by local companies to foreign governments:
FATF’s Focus on Asset Forfeitures Could Challenge Some Nations¹
October 31, 2012, By Brian Monroe
An intergovernmental group’s revised expectations of how countries should seize looted assets may prove difficult to meet, and could lower the mutual evaluation scores nations receive for their anti-money laundering controls.
Earlier this month, the Paris-based Financial Action Task Force (FATF) outlined in guidance how jurisdictions should best assist one another with asset forfeitures, calling for the implementation of formal and informal mutual legal assistance arrangements and the creation of specialized units to expedite responses to intergovernmental inquiries.
How willingly nations cooperate with one another will be an important factor in how FATF evaluates their anti-money laundering (AML) and counterterrorism financing regimes going forward, according to an individual familiar with high-level discussions within the intergovernmental group.
“Asset confiscation and recovery is a very important objective and an indicator of the success of the overall regime,” said the person, who asked not to be named. The issue is linked to FATF’s increased focus on fighting corruption, the individual said.
In February, individuals involved in FATF talks told ACAMS MoneyLaundering.com that the group was revising how it scored regimes to emphasize efficacy, and would consider forfeiture sizes, conviction rates and other factors. The shift follows FATF’s decision to streamline its AML and counterterrorism financing standards earlier this year.
As part of that effort, the group plans to grade countries on both technical compliance and how effectively they implement financial crime controls, including asset forfeitures, sources said this month. The two separate grades will be combined in an overall score included as part of each mutual evaluation.
But meeting FATF’s asset forfeiture standard, as outlined in its Oct. 19 best practices, will be challenging for nations of all stripes, according to Tom Lasich, a former head of training at the Switzerland-based International Centre for Asset Recovery and a former Internal Revenue Service criminal investigator.
Continue Reading Recovering Assets By Cracking Down On Corruption Proceeds
Methods For Concealing Nazi-Looted Art & Other Assets
When analyzing the secret transfer of Nazi-looted art to museums and private collections, one may detect the use of multiple jurisdictions, nominees, forgeries or other common concealment methods.
In some cases, these concealment methods are jointly employed to launder the title of looted artwork, similar to the way that illicit funds may be
Whistleblowers Uncover Hidden Assets, But May Take Big Risk
Using whistleblower tips is sometimes the only practical way to uncover assets hidden by determined criminals and others. The reward programs offered by the IRS and SEC recognize this. As I note at the end of this October 3rd Reuters article, whistleblowers may sometimes hit a home run and collect a plentiful bounty. There
Seminar to Discuss $104 Million IRS Reward & Blowing the Whistle
As demonstrated by the $104 million dollar IRS award to UBS Swiss bank whistleblower Bradley Birkenfeld, one may hit a home run by blowing the whistle. Some however, face criminal charges or other extraordinary difficulties because of their whistleblowing.
The New York City Bar Association seminar “The Ins & Outs Of Recovering Assets
Suing UBS AG Over Secret Swiss Bank Accounts
As a FAQ webpage demonstrates, qualified intermediary withholding agreements, (“qi agreements”), with the IRS can obilgate foreign financial institutions to withhold tax monies and report about a U.S. taxpayer’s offshore financial account. The qi agreement between the IRS and UBS AG played a critical role in the UBS John Doe summons case. A
Attorney Jack Blum To Talk About Blowing The Whistle
Attorney Jack Blum’s law practice focuses on whistleblower representation, anti-money laundering compliance, international tax evasion and the representation of victims of financial crime and fraud. He has been an expert witness for the U.S. Department of Justice and the Internal Revenue Service. Mr. Blum additionally served as associate counsel, or assistant counsel, or special counsel
Letters Rogatory As An Asset Detection Tool
Letters rogatory can be an invaluable tool for detecting assets concealed in multiple jurisdictions. They may be utilized to gather competent evidence from foreign financial institutions and a variety of witnesses residing offshore. “Asset Search Tips For Divorce & Child Support Cases” talked about detecting assets by employing letters rogatory. That post
Uncovering Assets By Using Compelled Authorization Forms
Prosecutors handling financial fraud cases have long known that a foreign bank supplied with a compelled authorization or consent form, will sometimes release confidential bank records. The prosecutors first seek a judicial direction requiring the bank signatory of the foreign bank account to execute the authorization form.
After the bank signatory executes this form, the
Recovering Assets Via Whistleblowers & Other Tipsters
At the New York City Bar Association, 42 West 44th Street New York, NY 10036, from 6:00 PM– 9:00 PM on September 27, 2012, Fred Abrams and distinguished lawyers Jack Blum and Jordan A. Thomas, will present “The Ins & Outs Of Recovering Assets Via Whistleblowers & Other Tipsters”. This program