Topic: Asset freezing

HMRC targets bigger cases using civil forfeiture toolkit

Enforcement statistics obtained by GIR show that the UK’s tax and customs agency is using its civil forfeiture powers to pursue increasingly large amounts of suspicious funds.

27 July 2022

UK court: oligarch’s frozen funds can be used for certain living expenses

A London judge has ruled that funds held in bank accounts linked to sanctioned Russian billionaire Petr Aven can be used to pay for running costs.

19 July 2022

Russia sanctions task force: assets freezes top $30 billion

30 June 2022

Immunity deal for yacht company reveals US strategy for oligarch probes

Former federal prosecutors believe the DOJ’s decision to trade immunity for information about a yacht’s oligarch owner is a warning shot for the yacht building industry and other sectors that serve the super-rich.

24 June 2022

Switzerland will seek to impose usage terms on returned Ukrainian assets

Some $100 million in frozen funds allegedly stolen from Ukraine and subject to a forfeiture attempt in Switzerland will only be returned if Ukraine spends them on projects that “improve the living conditions of the population”, Swiss officials said.

10 June 2022

DOJ looks to seize two Abramovich planes for export violations

US authorities are targeting a Boeing plane and a Gulfstream jet believed to be in Dubai and Moscow, respectively, and worth a combined estimated $410 million.

07 June 2022

Swiss authorities trigger rarely-used forfeiture mechanism to target Ukrainian funds

One lawyer said Swiss authorities are utilising a “shortcut” to circumvent the country’s normal rules on assisting foreign prosecutors in reclaiming embezzled state funds.

27 May 2022

UK police seize Latvian company’s funds linked to Privatbank case

A London court has ordered the forfeiture of over £200,000 belonging to a purported recruitment company after prosecutors alleged the funds were the proceeds of a “sophisticated, high-value, cross-border money laundering operation”.

19 May 2022

Swiss money laundering probe into Egypt’s former ruling family fizzles out

Swiss prosecutors have closed an 11-year-long investigation into ousted president Hosni Mubarak’s “entourage” after seizing just $34 million of almost $650 million in frozen funds.

14 April 2022

Spanish prosecutors seize yacht in first win for US sanctions task force

A multi-agency US task force hunting Russian sanctions evaders has recorded its first asset seizure. “It will not be the last,” said the US attorney general.

05 April 2022

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