Topic: Asset freezing

Singapore, US offer conflicting accounts on status of alleged North Korea sanctions evader

When the US State Department asked the public for information on Kwek Kee Seng, a Singaporean national accused of evading sanctions to provide oil to North Korea, the Singapore Police Force responded a couple of days later with good news: they know where he is and they have his passport.

09 November 2022

NCA freezing orders jeopardised in Petr Aven sanctions probe

Sanctioned Russian oligarch Petr Aven has been barred from accessing funds in two corporate bank accounts while a magistrates’ court considers whether the NCA still has reasonable grounds for freezing them.

19 October 2022

Puerto Rican bank violated Venezuelan sanctions, OFAC says

The bank didn’t apply for a licence to handle the blocked accounts of an unnamed person sanctioned in 2017, the agency said.

19 October 2022

Switzerland to return stolen Uzbekistan assets via UN development fund

The Swiss and Uzbek governments have reached an agreement to return at least $131 million that was allegedly embezzled from Uzbekistan by the daughter of the country’s former president.

16 August 2022

US obtains warrant for oligarch’s $90 million Airbus

A US federal judge has signed off on a request to seize a $90 million aeroplane owned by sanctioned Russian oligarch Andrei Skoch.

12 August 2022

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

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