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asset recovery

Amar Choudry, 38, of Linton Drive, Heaton, Bradford; Yasir Choudry, 30, and Qaisar Choudry, 28, of Duchy Crescent, Heaton; Faisal Choudry, 37, of Duchy Drive, Heaton; and Mudasar Alishan, 40, of Oakdale Drive, Shipley were this week convicted of involvement in the production and sale of clothing bearing counterfeit brands and other copyright breaches generating about half-a-million pounds. They were part of a group that has received suspended sentences for a highly organised system of criminal behaviour, on an industrial scale.

FCRO Subsection: 

Yesterday, Singapore passed its Serious Crimes and Counter-Terrorism (Miscellaneous Amendments" Bill. The Lion City's approach to suspicious assets has logic on its side, but it doesn't work in practice. Here is WMLR's analysis of the relevant parts of the Act and its consequences, including risk for compliance / risk officers.

Ah, Shreveport. It's one of those picture postcard towns that seems more suited to a Nicholas Sparks novel or a Hallmark TV romance than to intrigue and dirty dealings. But...

When assets are frozen, seized, confiscated or, in the case of ships and aircraft, arrested, there is one major difficulty for the lawyers and state bodies obtaining those Orders. . Unlike state sanctions, those obtaining the Orders have no simple route to bring their Orders to the attention of persons, be they individuals or entities, that may be holding assets to which the Orders relate.

Today, with the launch of GlobalKYC by World Money Laundering Report, all that changes.

Courts have long had the power to make Orders in relation to assets, usually to prevent their disposal and/or destruction. They are known by a variety of names, and sometimes names mean different things in different jurisdictions.

FCRO Subsection: 

The US Government seizes vehicles for a wide range of reasons: used in crime, as assets representing proceeds of crime (money laundering), smuggled vehicles, vehicles taken as payment for taxes are just some of the reasons. The vehicles are auctioned off. But the condition of the vehicles is surprising. A survey of a pending auction shows that many of them have been severely abused.

CoNet Section: 

As Lord Woolf confirms that the Court of Appeal was wrong to allow John "Goldfinger" Palmer to retain proceeds of fraud, the Home Office is deciding whether to try to use the Proceeds of Crime Act to attack the funds. Easy-peasy, says Nigel Morris-Cotterill

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