Money laundering circuits sometimes operate in the U.S. through domestic bank accounts used as “laundering links”. It is also true that money laundering circuits washing vast sums of money, will typically do so through offshore bank accounts located in tax havens like Switzerland, Luxembourg, the Cayman Islands, etc. Such was the case of one divorcing
asset recovery
Badges Of Fraud In Debt Collection, Divorce & Bankruptcy
When fraudulent transfers are used to hide assets the subject of a debt collection, divorce, or bankruptcy case, the Court looks for badges of fraud. As explained in Wall Street Associates v. Brodsky, 257 A.D.2d 526, 529 (1st Dept 1999), the badges of fraud for fraudulent asset transfers or conveyances are:
- A Close Relationship
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Asset Search vs. Offshore Asset Protection
By Fred Abrams on
A divorcing spouse seeking hidden marital assets; a creditor pursuing the payment of a debt; or an IRS revenue officer collecting a delinquent tax; may sometimes be looking for assets hidden by those offering offshore asset protection services.
According to Equity Development Group’s “Why Go Offshore” link-page, placing bank accounts offshore protects them from “predatory…