Part 1 of this post discussed the judgment creditors in Havlish v. bin Laden who are are trying to interdict assets owned by Iran. Part 1 explained the judgment creditors sought to attach monies reportedly earmarked for the purchase of Airbus aircraft. Before seeking the attachment of the monies, the judgment creditors subpoenaed confidential information
terrorist financing
Part 1: An Asset Search Over Terrorism & Airbus Aircraft
The Court found Iran was behind the 9/11 terrorist attacks and Iran is therefore liable for the money damages set forth by the October 2012 Order issued
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Looking For Laundered Assets As Part Of An Asset Search
This video¹ discusses ways assets can be concealed via money laundering. As the video observes, billions are thought to be laundered worldwide & “laundering takes place within our everyday world of routine business transactions.”
Looking for laundered assets can be critical to a successful asset search, my last post says…
Recovering Art Assets & Cultural Heritage Property
Divorcing spouses, debtors, determined criminals or others may hide and secretly transfer art assets and cultural heritage property. The article below was written by Leila Amineddoleh of Amineddoleh & Associates LLC, where she specializes in art, cultural heritage, and intellectual property law. Ms. Amineddoleh teaches International Art & Cultural Heritage Law at Fordham University School of Law and St. John’s University School of Law. Her article explains that art and cultural heritage property can be used to conceal assets in a variety of ways. The article covers these topics:
I. Forgeries, Illicit Imports & Smuggling
II. Valuating Art In A Divorce
III. Art Transfers By Terrorists & Other Criminals
IV. Suing Over Art
LEGAL CONSIDERATIONS FOR RECOVERING ART ASSETS & CULTURAL HERITAGE PROPERTY
By Leila Amineddoleh, Esq.
Not only are art and antiquities beautiful, fascinating, and rich in cultural significance, but they can be great investments. The growing interest in the art world has introduced a new wave of investment products; entire companies have developed in the field of art investment consultation, using art as an alternative investment type. Some economists even claim that art is more secure than stocks, citing the fact that art outperforms the stock market.[1] Since the Second World War, groups of wealthy investors purchased artwork during unstable economic periods. And as with other asset classes, art and antiquities can be used as vehicles for hiding assets.
I. FORGERIES, ILLICIT IMPORTS & SMUGGLING
One of the most frustrating aspects of art and antiquities collecting relates to valuation. There is a vast disparity between values for authentic versus forged objects. For example, where a convincing copy of a Jackson Pollock may sell for a few thousand dollars, an authentic work by the Abstract expressionist painter may sell for up to $50 million. And as the past couple decades have demonstrated, it can be difficult to ascertain which works are by the hand of a purported artist versus a talented art forger. (This difficulty recently became headline news as art investors sued the well-known Knoedler Gallery for selling multi-million dollar forgeries.[2])
These same complications arise with antiquities. It is not only difficult to determine whether an artifact is authentic, but it can be challenging to determine its origin. Smugglers bring antiquities into the US, but lie about the origin of the objects. Illicit importing has been committed in ingenious ways: some smugglers will cover an authentic antiquity in a plastic coating to make the object appear to be a cheap tourist toy; once the object has passed through customs, the plastic coating is removed and the valuable cultural object is revealed.[3] Other smugglers don’t even disguise the works, they simply claim that ancient artifacts are modern-day trinkets bought while abroad. Another way that people misrepresent objects relates to the find spot (the location where an artifact was excavated). By lying about the object’s origin, smugglers conceal valuable information regarding the work’s creation, greatly affecting the value and legality of a work. (For example, objects from Syria have been recently scrutinized for fear that looted artifacts enter the US and fuel the market for illicit objects. So smugglers now claim that these looted works are from other areas of the Middle East, thereby avoiding detection by U.S. Immigration and Customs Enforcement.)
Continue Reading Recovering Art Assets & Cultural Heritage Property
Asset Search News Roundup: June 4, 2012
Suspected drug kingpins and hiding assets by way of nominees.
- “Obama Slaps Sanctions On Alleged International Drug Traffickers“, notes that a letter by President Obama just deemed an Albanian, Mexican national and an Afghani, as drug kingpins. These supposed kingpins are Naser Kelmendi, Jose Antonio Soto Gastelum and Sayid Wzir Shar. On June
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Searching For Assets Via Terrorist Financing Red Flags
“Terrorist Financing, Money Laundering & Financial Intelligence Units” and “Transnationally Tracking The Assets Of Terrorists” discusses the Egmont Group. The Financial Intelligence Units of the Egmont Group search for assets secreted by terrorist financiers and money launderers.
Financial Intelligence Units search for these illicit assets by looking for special indicators. …
Asset Search News Roundup: February 19, 2012
The Financial Action Task Force updates its standards and two politically exposed persons are criminally charged in the Turks and Caicos Islands¹:
- The Financial Action Task Force has revised its 40 Recommendations for fighting money laundering and terrorist financing. A February 16th press release states these revisions include “[m]ore effective international cooperation including
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Asset Search News Roundup: August 18, 2011
Today’s “Asset Search News Roundup” deals with the beneficial ownership of assets.
- Although it was published as early as October 14, 2007, “Asset Search Indicia For Divorce, Debt Collection & Bankruptcy” is still relevant today. This is true because it reveals how beneficial owners sometimes conceal assets by using tools ranging from sham
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Asset Search News Roundup: June 8, 2011
The June 8th “Asset Search News Roundup” covers Holocaust-era assets and the Egmont Group of Financial Intelligence Units.
- By its December 16, 2010 decision, the Second Circuit affirmed the dismissal of the Holocaust-era assets case known as Grosz v. Museum of Modern Art. The December 16th decision is now the subject of a
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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…