Fraud and asset theft is destructive and costly for any business, state entity or individual.
A freezing order (or Mareva injunction) is a type of injunction which restrains a party from removing or dealing with his or her assets and monies to prevent dissipation, which would otherwise, defeat the purpose of a later judgment.
Many fraud cases involve complex corporate structures, incorporated in various jurisdictions some of which might cause obstacles or create problems for victims.
Following the visit of Russian President Medvedev to Cyprus and
the signing of the Protocol to the double taxation agreement on
behalf of the governments of both countries, it was expected that
the amended treaty would be ratified by the Parliaments of the two
countries before the end of 2010 and would become effective from 1
A summary of the Isle of Man’s new Bribery Bill which is expected to come into force this year.
The decision clarifies how duties to customers and AML obligations should interrelate.
The action of arrest is a unique Manx remedy available to creditors whose debtors are resident and/or retain property on the Island.
Investigating and prosecuting serious and complex fraud is about staying ahead of the game.
Those who thought the days of the extended informal freeze may be over, think again.
This case has brought to the fore a very interesting question in the field of money laundering. The issue at stake was the following: in relation to the laundering offence contained in section 93C(2) of the Criminal Justice Act 1988 and section 49(2) of the Drug Trafficking Act 1994 (the "Acts"), is there a requirement for the prosecution to prove that the property being converted is in fact the proceeds of crime?
August marks the anniversary of two famous art thefts: that of the Mona Lisa by da Vinci from the Louvre and that of the portrait of the Duke of Wellington by Goya from the National Gallery in London.
Over 150 years ago, the Russian author Fyodor Dostoyevsky wrote how the human mind can convince itself that committing a crime can be somehow justified by the ‘good’ that such actions can bring to society in general.
New legislation came into force in the United Arab Emirates on 27 August 2012, codifying the full range of cyber crimes that can be committed and the resulting penalties.
Although the UAE has had anti-bribery legislation in place since the late 1980s in the form of the UAE Federal Penal Code (the "Code"), the businesses community in the UAE has, to a large extent, been unaware of the existence of the Code and how its provisions could impact their business operations locally.
Imagine: you are at your desk in your air conditioned office located somewhere in the Middle East and you get a knock on the door from the authorities.
As recent events in Tunisia and Egypt have proven, the mention of fraud or corruption in the MENA region prompts people to think about governments and civil servants, rather that private corporations that are considered, wrongly, less concerned by this ordeal.
Muktar Ablyazov has been debarred from defending the $6billion claims brought against him by JSC BTA Bank, with the Bank now able to obtain judgment against him and enforce against his assets.