International asset recovery and suspected trade-based money laundering:
If you are a divorcing spouse, judgment creditor or anyone else who believes they may need to do a bank search to locate hidden assets parked offshore, below is a discussion of how individuals sometimes hide their assets and what legal remedies may be available.
Beneficial owners around the world are able to secretly transfer assets across international borders. As explained herein, they do this by conducting offshore banking through multiple jurisdictions; nominee incorporation services; and/or gatekeepers like lawyers. Various legal remedies are however, usually available for finding hidden assets transferred offshore. These remedies may even include seeking a court order directing a Swiss or other offshore bank to perform a bank search and disclose bank customer information.
Continue Reading Assets Hidden Offshore & A Bank Search To Find Them
U.S. prosecutors issued a press release yesterday announcing the extradition of former Guatemalan President Alfonso Portillo. Mr. Portillo’s extradition to the United States was based on his alleged money laundering.
Yesterday, Mr. Portillo was also arraigned in federal court in Manhattan. Although Mr. Portillo was remanded to the custody of the U.S. Marshal, the
The September 2009 Asset Search Blog article “Money Laundering By Minneapolis Money Managers?”, raised the issue of whether Associated Bank had violated federal anti-money laundering regulations. This article discussed whether an account opened at Associated Bank in the name of Crown Forex, LLC, had been used to launder Ponzi scheme proceeds. It pointed
A whistleblower claim against Deutsche Bank and HSBC’s settlement with U.S. Treasury:
Recovering corruption proceeds and related issues:
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
Swiss bankers in the news-
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
Hiding assets in secret foreign bank accounts: