Asset Hunting and Anti-Money Laundering: Justice on the Trail of Tears

by RitaZhao on April 27, 2011

in AML, Articles, Diaz Reus News, Finance

by Michael Diaz ,Jr., Carlos Gonzales, Sumeet H. Chugani and Xingjian Zhao

The Financial Law Report, March 1, 2011

In recent years, the terms “Ponzi scheme,” “financial fraud,” and “mon­ey laundering” have become unfortunate household names. Fraudsters like Bernard Madoff have given new meaning to the term “financial fraud,” leaving behind a trail of tears and siphoned funds. This new wave of criminal audacity has prompted both the government and private citi­zens into action. Victims, many of whom were forced into bankruptcy, are now filing suit against either the “plotters” themselves or financial institu­tions that, neglecting proper oversight, have authorized transactions that facilitated these schemes. Asset hunters have teamed up with former FBI, Customs, and DEA agents to assist in tracing and recovering assets for these victims. At the same time, the U.S. government has instituted sig­nificant reforms, including a comprehensive overhaul of its existing asset forfeiture program and further legislation to stop these fraudulent schemes before they ruin the lives of more victims. The goal: to form a united front against common foes.  Click here to read more…

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