By / March 2, 2012

Confiscation and recovery of criminal assets

Organised crime activities are normally profit-driven. The confiscation and recovery of criminal assets are big steps toward fighting organised crime in…

copyright by Alexander Raths, 2011. Image used under Shutterstock license.
handcuffs organized crime
Copyright by Alexander Raths, 2011. Image used under Shutterstock license.

Organised crime activities are normally profit-driven. The confiscation and recovery of criminal assets are big steps toward fighting organised crime in the European Union (EU). The EU Action Plans on organised crime contain the objective to trace, freeze, seize and confiscate the proceeds of crime. International cooperation that enables the authorities to exchange information and an effective procedure are essential in order to confiscate and recover criminal assets effectively.

As criminal groups operate across EU borders, the European Commission decided to propose a Directive in order to simplify criminal assets’ confiscation procedure for the Member States.  The new legal framework intends to improve the existing mechanism of confiscation. The proposed legislation will enhance the ability of Member States to confiscate assets that have been transferred to third parties, as well as assets not directly linked to the offence for which a criminal has been convicted. The proposal was announced on 12 March 2012.

You may also wish to refer to the Library Navigator on Organised Crime.

Overviews

Confiscation and asset recovery / European Commission

DG Home Affairs has the section on “Confiscation and asset recovery”. Here you can find the all of the framework decisions and legal instruments that the EU has developed to confiscate and recover assets.
The link on this webpage to the “Documentation centre” will provide recent adopted legislation, international conventions, communications and reports relevant for the topic.

The Recovery of stolen assets: A Fundamental Principle of the UN Convention against Corruption / Jack Smith, Mark Pieth, Guillermo Jorge, Basel Institute on Governance, International Centre for Asset Recovery for Anti-Corruption Resource Centre, 2007, 4p.
The article about the return of the assets in the UNCAC is singled out as a “fundamental principle” of the Convention. The Brief examines this principle and what can be done to ease the return of the assets.

Asset Recovery Process Chart
Processes used in the field of Asset Recovery.

Analysis

The Need for New EU Legislation Allowing the Assets Confiscated from Criminal Organisations to be Used for Civil Society and in Particular for Social Purposes / Basel Institute on Governance, April 2012
EP DG IPOL, Policy Department C, Citizen’s Rights Affairs and Constitutional Affairs
Assesses the feasibility of establishing EU regulation on the use of confiscated assets for civil society and in particular for social purposes.

Freezing and confiscation of criminal proceeds / Nicholas Kaye, Revue internationale de droit pénal, 2006, 10p.

This article assesses a number of international instruments which have sought to highlight and promote the confiscation of criminal proceeds. It also discusses the European Union approach to confiscation and finally highlights a number of areas which could be addressed in the future if the EU regime for the confiscation of the proceeds of crime will be strengthened.

Advancing international understanding and cooperation in combating fraud and corruption: Recovering stolen assets—a new issue? Alan Bacarese, ERA-Forum, 2009, Volume 10, Number 3, Pages 421-434.
This article attempts to identify where the main developments have occurred in international asset recovery but also considers the historical efforts in the European Union to try to take the profit out of crime and analyses the effectiveness of the current plethora of European Union directives and initiatives in this area. The points made are illustrated with a number of prominent cases.

An overview of European and international legislation on terrorist financing / EP DG IPOL, Policy Department C, Citizen’s Rights Affairs and Constitutional Affairs, April 2009, 64 p.
A study that examines the definitions and scope of activities linked to terrorist financing as well as the regulations that should prevent it and the cooperation between competent authorities within the EU.

Recovering Stolen Assets / Mark Pieth (Ed.), Basel Institute on Governance, Bern 2008.
(Available in the library on demand). In this book practitioners and academics have put together their views on asset recovery. They analyse the former cases and discuss what needs to be done in the future, and they also give their own perspectives on the UNCAC.

Country approach

The Recovery of “Criminal” Assets in New Zealand, Ireland and England: Fighting organised and serious crime in the civil realm. / Liz Campbell, Victoria University of Wellington Law Review, May 2010, 20p.
The article analyses the Criminal Proceeds (Recovery) Act 2009 in New Zealand compared to the processes of civil asset recovery in Ireland, England and Wales. [Please be patent while this document loads, only for EP network.]

Tracing and confiscating illicit proceeds: the perspective of the defence/ Monty Raphael, 2011.
This article examines developments in the seizure of criminal assets with a particular emphasis on the UK legislative history of the forfeiture of criminal proceeds, as well as focusing on the increasing importance of international asset-tracing and the need for mutual legal assistance in preventing and reducing the impact of cross-border crime.
[Please click on ‘IP authentification’ on top rght hand side of the screen if needed, only for EP network.] 

Towards more effective asset recovery in Member States—the UK example, David J. Dickson, June 2009, 17p.
This paper examines the recovery of assets with a view to confiscation under UK law.
[Please click on ‘IP authentification’ on top rght hand side of the screen if needed, only for EP network.]

Technical paper on criminal assets recovery system in Serbia and comparative analysis with other systems in central and western Europe /Alan Bacarese, Pedro Gomes Pereira, Council of Europe, July 2010.
This paper analyses the Serbian law on Seizure and Confiscation of the Proceeds from Crime in a comparative manner to different European models with a view to considering overall compliance and efficiency.

International organisations dealing with assets recovery

Basel Institute on Governance

In the “Publication” section you will find recent books, articles and studies concerning Asset Recovery and related problems. 

Asset recovery Knowledge Center  

This is an online knowledge center dedicated only to Asset Recovery, initiated and maintained by International Centre for Asset Recovery (ICAR).
It provides relevant legislation and authorities, legal frameworks, case studies and other practical tips and techniques to advance investigations in tracing stolen assets, seeking international legal and administrative cooperation and the processes involved in an asset recovery case. The country profiles section has information from a number of financial centres and developing countries and helps to identify the important elements necessary to begin working with a country to either obtain legal or administrative cooperation to make progress in a corruption investigation involving stolen assets.

Stolen Asset Recovery Initiative / The World Bank, UNODC
All the recent publications from the Stolen Asset Recovery Initiative. Among them you can find:
– Asset Recovery Handbook: A Guide for Practitioners
– Barriers to Asset Recovery: An Analysis to the Key Barriers and Recommendations for Action
– Towards a Global Architecture for Asset Recovery

TRACK (Tools and Resources for Anti-Corruption Knowledge).
 A central platform developed by the United Nations Office on Drugs and Crime.

United Nations Convention against Corruption / United Nations Office on Drugs and Crime
The website of United Nations Convention against corruption. Here you will find the full text of the Convention against Corruption (2003) (UNCAC), the calendar of the latest upcoming events against corruption as well as a compendium of international legal instruments on corruption.

Case law

Stolen Asset Recovery Initiative / The World Bank, UNODC
Three cases are outlined here: Ferdinand Marcos; Vladimir Montesinos; and Diepreye Alamieyeseigha. The cases have been selected to represent, in broad terms, an evolution in asset recovery practice.

International Cases / Asset recovery Knowledge Center
Lists 27 most prominent cases concerning asset recovery of criminal assets.

Nigeria v Santolina Investment Corp
A summary judgement from the United Kingdom High Court.

 


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Comments
  • Sods —– Law.
    March.—- 2014.

    For almost two decades we have strived to get justice for the injustice we have suffered at the hands of a world renowned bank— PICTET & CIE. BANK.

    Two yorkshiremen both running their own small family businesses trying to resolve the problem by taking all the correct legal procedures to recover their monies.

    The matter was raised in Parliament – twice– the FSA investigated the matter concluding that PICTET had rogues operating in their London Bank — but the rogues had left —saying no one left to prosecute.??? —– so there.

    We then approached the Financial Ombudsman Service. (FOS) — our case was dealt with by seven different people —- then our numerous E-Mails were ignored — nobody would speak to us ——-so there.

    We then asked the SFO ( Serious Fraud Office.) to investigate our case —- the criteria of our case ticked all their boxes. — we were instructed not to send them any documents/evidence.—— in fact they wrote to us advising us to go to the Citizen’s Advice Bureau.(CAB.)

    Richard Alderman the SFO boss —- who responded to our letter was the same man who would not investigate the “ Madoff” scandal or the “Libor” fiasco.
    The MP’s committee —- said he was sloppy— and the SFO was run like “ Fred Karno’s Circus” —– it was an office of fraud.—– so there.

    Our M.P. approached our local Chief Constable to investigate—– he was called—- Sir Norman Bettison— Chief Constable of West Yorkshire Police —- a force that made “ Dad’s Army” look like the S.A.S. They were inept – corrupt —malicious — from top to bottom. We were criminally dealt with by the Forces Solicitor—- the Head of the Economic Crime Unit —-and the Chief Constable —– so there.

    We were then advised to pass our complaint against West Yorkshire Police to the I.P.C.C. – which we did — they advised us to make our complaint to —- the West Yorkshire Police — we did with reluctance — all we got was abuse and obfuscation. —– so there.

    Sir Norman Bettison —- The Forces solicitor— and the Head of the Economic Crime —- have all been removed from their posts and facing criminal allegations.
    —— so there.

    We even sought justice through the Courts — culminating in a visit to the Court of Appeal-London.— On leaving the Courts of Appeal that day our barrister a “rising star” informed us — that if that was Justice then you can keep it. He quit the law and moved to Canada —– so there.

    A few years later we learned that one of the judges in our case at the Court of Appeal was related to a senior executive of the Pictet Bank —–so there.

    Pictet & Cie .Bank — voted private bank of the year 2013.
    Ivan Pictet —- Voted banker of the year 2012. —- the senior partner — lied on numerous occasions and had documents destroyed — also said genuine documents were forgeries. —– so there.

    Ivan Pictet in Oct. 2013 —- Given the Legion of Honour — but saying that —- honours were given to Hitler — Eichmann — Mussolini —Franco — he’s in fitting company. —-so there.

    MONTY RAPHAEL.Q.C. — Peters & Peters.London. They were the banks lawyers.
    Monty Raphael.Q.C. along with Ivan Pictet withheld crucial documents requested by the High Court —- the FSA —- and the police Fraud Squad. —-so there.

    Monty Raphael.Q.C. became an Honorary Queens Counsellor in March. 2012.
    Monty Raphael.Q.C. became a Master of the Bench in Nov.2012.
    An expert in Fraud —the Doyen of Fraud Lawyers. —– so there.

    This says a lot about Banks — the consensus of opinion is that they are highly paid “crooks” —- no wonder they voted Ivan Pictet banker of the year.

    It appears that crimes in the “establishment.” are honoured by their peers.
    “HONOURS AMONG THIEVES.”

    Full Story.—- “google or Yahoo”

    Insert.

    Ivan Pictet.Banker.
    Monty Raphael.Q.C.
    Ivan Pictet/Monty Raphael.

    Update — March. 2014.

    Pictet & Cie Bank —- List of Crimes.

    1996 —– F.S.A— Breach in London.

    2003 —– F.S.A. — States rogues operating in Pictet’s London office. Ivan Pictet states that documents were forgeries but were later proved to be genuine in the British Courts. He had documents destroyed in their London office –hoping to hide the crimes.

    2007 .- – – The Securities and Exchange Surveillance issued a recommendation that the Prime Minister and The Commissioner of the FSA to take disciplinary action against Pictet Asset Management – Japan Ltd.

    2008 .– Dec. – Pictet Bank state – ” We have never chosen any funds linked to Madoff.

    2011 – – – Madoff Trustees sue Pictet & Cie. Bank for $156 Million.

    2011- – – Pictet & Cie Bank abetted a Bribery Scheme – Oil company sues Pictet for $350Million

    2012 – – – April – Geneva Bank Pictet used in Offshore Tax Scheme. ( USA.)

    2012 — – June. — Published in Anglo INFO .Geneva.— USA Trust Fund Investors were sent false and fraudulent documents by Pictet Bank in order to collect large fees. ( Like MADOFF)
    Even after the SEC in the USA uncovered the fraud Pictet continued to charge fees and drain whatever was left in these accounts. Estimated that $90 million lost in this Pictet Ponzi scheme.

    2012 – – – July. — De – Spiegel. — states – Pictet Bank uses a letterbox company in Panama and a tax loophole involving investments in London to gain German millionaires as clients.

    2012 – – – August —- German Opposition Leader accuses Swiss Banks of “organised crime.”

    2013 — Jan.— Swiss MP’ table motion to freeze Tiab Mahmud’s assets of ” criminal origins”
    held in Swiss banks – $18 million held in 5 accounts at Pictet & Cie. Bank. Bahamas.

    Ironically the Pictet & Cie.Bank partners are bigger criminals than the criminals who have accounts in the their bank.

    The bank is now seeking to re-structure — to cut the partners liability – hoping to off load their decades of criminal responsibilty – and move onwards to carry out new crimes. The Germans are right — the bankers should go to prison if found guilty of financial crimes..

    Both Ivan Pictet and Monty Raphael.Q.C. conspired to withhold crucial documents requested by the High Court – the FSA — and the Police Fraud Squad.

    Written Parliamentary Questions received by the table office ..

    (1) To ask the secretary of state what steps he is taking to ensure that Swiss Banks such as Pictet & Cie do not evade criminal prosecution under EU law even when the illegal act is committed by a London based subsidiary.

    (2)To ask the secretary of state what steps he is taking to protect the rights of UK citizens who seek redress following criminal activities by Swiss banks with subsidiary offices located in London.

    Quote. ( America’s Top Lawyer .)
    You can be the richest man in the world with the best lawyers that money can buy but you cannot win against a man who has got nothing left to lose and is telling the truth.

    *** We note that there has been a sharp increase in Peters & Peters partners leaving to go to other practices. Moving does not alleviate them of any responsibility from any illegalities that may have occurred at Peters & Peters during their partnership tenure. From 1999 onwards.

    The consensus of opinion is the Pictet & Cie should be prosecuted , and that their U.K. banking licence should be taken away.

    Their Solicitors at Peters & Peters .London “ struck off and prosecuted..”

    *** Started campaign — June 6th.2008.
    5years —- approx 10 .5 million e-mails – – – but still no writs, injunctions or threats of litigation – – – WHY – – – because it is all true.

    *** . The bigger they are — the harder they fall.!!! In America —- they would have all been in prison for the last seven years.

    Feb 2013,— Pictet & Cie Bank Partners remove their unlimited liability.They realise that all their personal wealth is at risk , the people they have conned might want their money back.

    Full Story.***
    . ” Google ” or ” Yahoo” .

    Insert– ( Charles Pictet. Banker.
    Insert– ( Ivan Pictet.Banker.
    Insert– ( Jacques de Saussure.Banker.
    Insert– ( Nicolas Pictet. Banker.
    Insert– ( Jean-Francois Demole.Banker.
    Insert — ( Philippe Bertherat. Banker.
    Insert– ( Renaud de Planta. Banker.

    Update. March. 2014.
    Over the last three years we posted the following on hundreds of sites . —

    *** Were currently waiting for the West Yorkshire Police ;-
    (1) Chief Constable . Sir Norman Bettison
    (2) Forces Solicitor. Mike Percival.
    (3) Head of Economic Crime Unit. Det Chief Inspector. Steven Taylor.
    -to see if they continue to cover up this case like the FSA. – “ watch this space.”

    **** We can now state that all the above have been removed from their posts. All three facing criminal allegations.
    **** These three senior police officials assisted in covering up the crimes carried out by Pictet & Cie Bank and it’s lawyers.

    Swiss Bank Accounts. 2014.

    Is your monies safe in these accounts —- definitely NOT.
    Would you get your money back if every body decided to withdraw all their accounts – NO WAY.
    Economic Experts say that there would only enough money to repay 50% of their clients.
    Are you going to be in the 50% — that loose your money.– Get it out NOW.

    2012 — – June. — Published in Anglo INFO .Geneva.— USA Trust Fund Investors were sent false and fraudulent documents by Pictet Bank.Switzerland. in order to collect large fees. ( Like MADOFF) —Even after the SEC in the USA uncovered the fraud Pictet continued to charge fees and drain whatever was left in these accounts. Estimated that $90,000,000 million lost in this Pictet Ponzi scheme.

    2012 – – – July. — De – Spiegel. — states – Pictet Bank uses a letterbox company in
    Panama and a tax loophole involving investments in London to gain
    German millionaires as clients.

    2012 – – – August —- German Opposition Leader accuses Swiss Banks of “organised crime.”

    All the fines that crooked Swiss banks have incurred in the last few years exceeds £75.Billion.
    It is also calculated that the secrecy ” agreements” with regards to tax evation by their clients will cost the banks another £450 Billion.( paid out of your monies.)

    The banks are panicking — the are quickly restructuring their banks —- from partnerships —
    to ” LIMITED COMPANIES.” —– this will probably mean that in the future — they could
    pay you only 10% of your monies ” if you are one of the lucky ones” —- and it be legal.

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