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Article
Recovering the Proceeds of Crime from the Correspondent Account of a Foreign Bank
Journal of Money Laundering Control (2006)
  • Stefan D Cassella
Abstract

This article discusses the provisions, purposes and legislative history of 18 U.S.C. 981(k), a provision of the USA Patriot Act that allows the United States to use to asset forfeiture laws to recover property deposited into a foreign bank account by seizing funds from the foreign bank's correspondent account in the U.S. The article also discusses how this provision was applied in a case involving the laundering of the proceeds of a telemarketing scheme through money exchangers and banks in the Middle East.

Keywords
  • correspondent bank accounts
Disciplines
Publication Date
January, 2006
Citation Information
Stefan D Cassella. "Recovering the Proceeds of Crime from the Correspondent Account of a Foreign Bank" Journal of Money Laundering Control Vol. 9 Iss. 4 (2006)
Available at: http://works.bepress.com/stefan_cassella/16/