Asset Actions
Asset Recovery: search, freezing, seizure, confiscation. Originally a civil law procedure by victims of crime, the term has been abused to cover actions by a state which is not a "loser" of assets. Increasingly, it has become a profit centre as well as the publicly promoted purpose as a disincentive to commit crime. Increasingly, regulatory civil penalty regimes are using asset recovery techniques. Click on Contribute to write for us.
Asset Recovery: HK orders tobacco company workers to repay HKD13 million
The former chairman of a tobacco manufacturer and two other persons, earlier jailed for bribery and fraud in relation to cigarette smuggling activities, were yesterday (Tuesday) ordered by a District Court judge to pay a total of over HKD13 million in restitutions to the tobacco company.
Asset Forfeiture: USA's AG Holder on freezing correspondent accounts
Speaking at the Organised Crime Drug Enforcement Task Forces and Asset Forfeiture Programme's National Leadership Conference last night, US Attorney General drew attention to how the freezing of correspondent bank accounts all but killed an illegal drugs importing business.
Asset Recovery: Aus freezes Storm Financial funds
ASIC has this morning obtained orders from the Supreme Court of Queensland freezing a payment of AUD2 million from Storm Financial Limited to a bank account held by Emmanuel Cassimatis & Associates Pty Ltd.
Asset Recovery: Aus grabs insider trading profits
In April 2008, the Brisbane District Court issued orders under section 18 of the Proceeds of Crime Act 2002 (Cth) which effectively restrained the 418,148 Queensland Gas shares purchased by Mr Mukesh Panchal who has now pleaded guilty to four offences of insider trading.
Asset Recovery: The US Treasury's far reaching hands
The adverts from brokers that land on desks inviting readers to take part in a variety of schemes to purchase assets seized by the US government show a wide range of assets that are becoming available. But go to the source and you may be surprised by just how wide the range is.
Asset Recovery: UK VAT Fraudster ordered to repay GBP6.8 million
The leader of a gang behind a major VAT carousel fraud has been ordered to pay back more than GBP6.8 million. Raymond Cox from Staffordshire was jailed with five other men for a total of 471/2 years in 2007.
Asset Recovery: UK gets order for GBP655k
Two men and two women have been ordered to pay GBP 654,678 or face a total of eight and
half years in prison.
Asset Recovery: Madoff mailed assets say prosecutors
Prosecutors in the USA say that they have identified more than USD1 million in assets that Bernard Madoff allegedly put in the post and sent to family and friends after surrendering to the authorities and admitting a massive fraud.
Fraud: Madoff case proves fiction of FinCEN position
When US money laundering regulator and FIU FinCEN withdrew its Draft Final Rule in relation to "hedge funds" they had an explanation. It's lucky Americans don't get irony. Will FinCEN try find out whether any bank made suspicious transaction reports whilst the fraud was being committed using the bank accounts they operate?
UK: Criminal proceeds used to fund police
The UK Home Office has announced that police forces across England and Wales are to receive a GDP6 million cash boost from assets seized from criminals,
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