Kleptocrats hiding assets in Swiss banks and investors subject to clawback claims in the U.S., may have something in common. Each could conceivably bear the evidentiary burden of proof in asset recovery cases brought against them. The Swiss Restitution Of Illicit Assets Act (“RIAA”) for example, shifts the burden of proof onto crooked politically exposed
Asset Search News Roundup: October 13, 2010
This “Asset Search News Roundup” is about a few companies currently offering asset protection over the Internet. The first of these companies is Panama Legal, S.A. Its Web site says that “Bullet Proof Asset Protection” is attainable by forming a “Panama Bearer Share Corporation“. “Bearer Shares & An Asset Search
Discovery Of Offshore Bank Records At Arab Bank
An "Asset Search With Letters Rogatory" advises that a domestic court may issue a letter rogatory (a.k.a. a "letter of request" or "legal assistance request"), to try to compel a foreign bank to disclose offshore records.
After issued by the domestic court, the letter rogatory would ordinarily be considered by governmental authorities located
“In New York, A Thief Can Not Pass Good Title”
In overruling the trial court’s September 2, 2008 opinion in Bakalar v. Vavra, Index No. 05-CV-3037 (S.D.N.Y.), the U.S. Court of Appeals determined that the heirs of Austrian-Jewish entertainer Fritz Grunbaum could proceed with their Holocaust-era art restitution claim. According to the Court of Appeals’ September 2, 2010 decision, the trial court had wrongly
Fighting Mexico’s Drug Cartels By Funding A Financial Intelligence Unit
An April 20, 2010 statement from the U.S. Attorney for the District of Arizona memorializes the U.S. Department of Justice strategy for fighting the scourge of Mexico’s drug cartels. The April 20th statement indicates that the Department of Justice concentrates on: gathering intelligence about the cartels; targeting cartel leaders for extradition and seizing illicit assets; investigating the cartels’ U.S. crimes like gun and bulk cash smuggling; battling the cartels’ violent crimes and narco-trafficking in the U.S.; and prosecuting cartel members in federal court.
This statement additionally mentioned the Mérida Initiative, (referred to herein as "the Initiative"), which is funding equipment and training for Mexico to fight the cartels. Some of the Initiative’s expenditures are listed at the excerpt below from Table 3, p. 25 of the "Merida Initiative: The United States Has Provided Counternarcotics and Anticrime Support but Needs Better Performance Measures":
(To Enlarge Click On The Excerpt)
Continue Reading Fighting Mexico’s Drug Cartels By Funding A Financial Intelligence Unit
Recovering Assets In Switzerland Hidden By Dictators
"The Americans & Swiss Target The Kleptocrats" contains an article discussing the Swiss Restitution Of Illicit Assets Act ("RIAA"). This act could be passed next month by the Swiss Parliament. It would be used to freeze the proceeds of public corruption schemes which some dictators and other politically exposed persons might transfer from
Cayman Islands Money Laundering For The Year 2010?
"A Tax Fraud & Identity Theft From Miami" & "Bearer Shares & An Asset Search" described money laundering schemes partly facilitated through Cayman Islands bank accounts. On the one hand, some financial investigators report to me that during 2010 the Cayman Islands continue to be an extraordinary money laundering risk.
Cayman
The Americans & Swiss Target The Kleptocrats
American and Swiss officials are ramping up their efforts to recover assets hidden by corrupt foreign politically exposed persons commonly referred to as kleptocrats. A few of my thoughts about this are included at MoneyLaundering.com’s August 6th article “U.S., Swiss Initiatives to Recover Looted Assets Likely to Bring Banks More Subpoenas, Regulatory Scrutiny “:
Airline Tickets & Alleged Credit Card Fraud
“$20 million airline-ticket fraud aided by hotel workers, prosecutors say” mentioned that suspected identity thieves and their supposed co-conspirators were indicted for allegedly using stolen credit card information to purchase airline tickets. These tickets are believed to have been sold on the U.S. black market at steep discounts to airline passengers.
A July
Is There A “John Doe” Summons In HSBC’s Future?
My July 11th "Asset Search News Roundup" mentioned that U.S. prosecutors were investigating HSBC since some U.S. taxpayers were suspected of using foreign HSBC bank accounts to facilitate tax frauds. Swiss prosecutors meanwhile, are separately investigating whether former HSBC employees Hervé Falciani and Georgina Mikhael had illegally accessed bank customer information at HSBC in