Search

The Financial Action Task Force (FATF) has urged India to speed up prosecutions in financial fraud cases, rating the country as "moderately" effective in money laundering investigation and prosecution. India, a member of the 40-member task force since 2010, has been compliant in most areas but faces challenges due to constitutional issues and court system backlogs. The Enforcement Directorate has seized assets worth billions of euros from suspected financial criminals in the last five years, but convictions have resulted in confiscations of less than $5 million, highlighting the need for India to address these issues promptly. [Extracted from the article]

The article discusses the demand for the Cuban government to pay 7.5 billion dollars in U.S. property claims and 3 billion dollars in antiterror claims. Topics covered include the claims being linked to the seizure of Cuban property by then Cuban leader and president Fidel Castro in 1960s, the claims being owed to business individuals and Florida-based businesses, along with Office Depot, and banks alleged for making deals with the Cuban government like BNP Paribas.

The article reports that the law firm Shearman & Sterling is facing possible asset seizure by the anti-corruption unit of the U.S. Department of Justice. Topics covered include the allegation that funds transferred to the bank account of Shearman & Sterling have financed the lifestyles of some businessmen linked with the 1Malaysia Development Berhad (1MDB) sovereign wealth fund, the claim that the law firm held stolen funds, and the emergence of misappropriated funding use in 2015.

The article discusses a court case wherein a Canadian court ruled that the search and seizure of assets of Guess jeans creator Georges Marciano was invalid. The seizure order had been granted to Marciano's five former employees who won a defamation lawsuit against him in U.S. federal district court in California in 2009. The lawyers of the former employees such as Bernard Boucher and Patrick Kergin had attempted to declare Marciano bankrupt in Canada, but they failed.