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8 results for LexBlog United Kingdom › Fred L. Abrams, Attorney At Law

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  • Stashing Cash & Assets Through Nominees

    The very last paragraph of my post Fighting Financial Fraud At UK Banks, featured a former vice-president of a global bank who indicated: “there was little standing in the way of a determined criminal because of the ‘complicity or misfeasance’ of many banks and the use of nominees to open bank accounts.” I believe that...

  • The Actress, An Ex-Premier & Hip Hop Weekly Magazine

    During his marriage to actress LisaRaye McCoy, ex-Turks and Caicos premier Michael Misick was investigated for public corruption by the Turks and Caicos Islands Commission of Inquiry. The ex-premier’s suspicious activities were believed to be so harmful, they contributed to the UK Government decision to suspend parts of the 2006 Turks Caicos Island Constitution.++ With...

  • Customer Identification At UBS AG And Some Other Banks

    By using customer identification or “know your customer” rules, banks try to prevent money laundering and other financial frauds.  This use of customer identification rules by banks is contemplated at the Fifth Recommendation of the Financial Action Task Force.  The Fifth Recommendation urges banks to diligently verify a customer’s identity and to record the true...

  • Concealing Assets By Circumventing Customer Identification Rules

    As a countermeasure against those bank customers who would use their bank accounts to fraudulently conceal assets, government regulators commonly require that banks apply customer identification or “know your customer” rules.  These rules are often geared toward identifying the true beneficial owner of a bank account and are analyzed at my articles “Beneficial Owners Concealing...

  • Forced Collections Against A Fraudster Like Madoff

    Forced collection proceedings against a fraudster like Mr. Bernard Madoff can involve an extraordinary number of prospective plaintiffs with competing interests in the fraudster’s assets.  In Mr. Madoff’s case, some of these plaintiffs competing over assets might even include foreign governmental authorities seeking asset forfeiture because of Mr. Madoff’s money laundering in the United Kingdom...

  • Asset Search News Roundup: January 10, 2009

    Whether Bernard Madoff’s Ponzi scheme could have violated foreign criminal laws, is the subject of this “Asset Search News Roundup”.  The Serious Fraud Office of the United Kingdom’s criminal justice system has issued a press release stating that it is pursuing an investigation of Mr. Madoff.  Austria’s Financial Market Authority also announced in its press...

  • Money Laundering In The U.K.

    As the Anti Money Laundering Blog mentioned on April 1, 2008, the U.S. State Department has listed the United Kingdom as a Major Money Laundering Country in 2008.  The State Department however, had also previously listed the United Kingdom as a Major Money Laundering Country in 2007. The State Department releases its list of Major...

  • Fighting Financial Fraud At UK Banks

    In the United States, the Financial Crimes Enforcement Network regulates the customer identification procedures, (a.k.a  “know your customer rules”), at banks.  In order to clarify these procedures, the Financial Crimes Enforcement Network issued guidance in January 2004.  These customer identification procedures codified at 31 C.F.R Part 103.121, demonstrate  that there is no discretion as to...

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