Banks Take Heed: DOJ’s Escalating Use of the Foreign Corrupt Practices Act To Seize Customer Bank Accounts

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Banks are vulnerable to seizures of customer assets by the U.S. Government. This article describes the law and procedure surrounding the U.S. government’s asset forfeiture mechanism, an enforcement tool being deployed more frequently in the context of Foreign Corrupt Practices Act prosecutions, and the threat asset forfeiture poses to the interests of U.S. banks. Banks doing business with and lending money to multinational corporations face increased risks that customer accounts and assets could be seized as part of a forfeiture proceeding. This article recommends steps banks can take to minimize those risks, including:

*understanding the forfeiture process...

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Published In: Administrative Agency Updates, Business Organization Updates, Criminal Law Updates, Finance & Banking Updates, International Trade Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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