Frozen Assets

News & Analysis as of

Change to HM Treasury's policy in relation to receiving funds from an individual or entity subject to EU Sanctions

The UK HM Treasury (“HMT”) is changing its policy in relation to funds received in the UK that have come either directly or indirectly from an individual or entity outside of the EU that is subject to EU Sanctions (a...more

The risk of self-incrimination in cross-border disputes: Hollinger case study – Part II

Sun-Times Media Group, Inc. v. Black, [2007] O.J. No. 795, is another case involving the former officers and directors of the Hollinger-related corporations, which highlights the risk of self-incrimination that officers and...more

UPDATE: Developments in the Ukraine and Impact on Investments

Following the agreement between G7 leaders on 25 April to promptly impose additional sanctions on Russia as it has failed to deliver on its Geneva commitments, the EU and the U.S. have now added new individuals and entities...more

EU adds 15 persons to Ukraine related asset freeze list and travel ban, but holds off imposing broader economic sanctions

In response to the most recent developments in the Crimea crisis, the EU Council decided on 28 April 2014 to add another 15 individuals to the EU’s asset freeze list and travel ban. The names have been published in Council...more

EU expands Ukraine-related asset freeze list to four more persons, work on possible Russia sanctions continues

In an attempt to strengthen European Union (EU) sanctions targeting misappropriation of Ukrainian state funds, the EU has added another four names to the existing list of individuals subject to an asset freeze. These...more

High Court Deals Major Blow To Criminal Defendants

The U.S. Supreme Court’s 6-3 decision in Kaley v. United States, 571 U.S. __, Case No. 12-464 (Feb. 25, 2014) essentially finds that the grand jury should have the last word. The Kaley case involved the right to counsel when...more

EU responds to Ukrainian crisis by imposing asset freeze on 18 politicians, family members and businessmen

I. Introduction Following a promise by the Council of the European Union (EU) on 20 February 2014 to impose various restrictive measures against Ukraine in response to the deteriorating political situation, the EU list of...more

Supreme Court Holds That Criminal Defendants Challenging Pre-Trial Asset Seizure Cannot Contest a Grand Jury’s Determination of...

On February 25, 2014, in Kaley v. United States, the U.S. Supreme Court held 6-3 that criminal defendants challenging the legality of a §853(e)(1) pre-trial asset seizure may not contest a grand jury's determination of...more

U.S. Supreme Court Restricts Challenges to Pretrial Seizure of Defense Funds

The U.S. Supreme Court recently weakened a criminal defendant's ability to challenge the Government's pretrial seizure of assets that a defendant has allocated for mounting a defense. In Kaley v. United States, the Court...more

Update on the UK Confiscation and Restraint Regime

The National Audit Office has published a report dated 17 December 2013 (the “NAO Report”) on confiscation orders, which are the main mechanism that the UK Government uses in carrying out its policy to deprive criminals of...more

New York Appeals Court Shields Banks From Suits Over Frozen Customer Accounts

Recently, the New York Court of Appeals, in answering questions , held that no private right of action exists for judgment debtors to seek money damages and injunctive relief against banks that allegedly violate New York’s...more

EU Court Strikes Down Iran Asset Freeze Sanctions: Council of the European Union Urged to Act with more Rigour

In September 2013, the EU General Court annulled a series of asset freeze sanctions imposed by the Council of the European Union on a number of Iranian entities and one person. The General Court requires the EU regulators to...more

Federal District Court Grants FTC Request, Halts Online Payday Operation

On August 29, the U.S. District Court for the Northern District of Illinois ordered an online payday loan operation to cease business activities and freeze assets in response to a complaint and memorandum filed by the FTC on...more

Zoom! SEC Freezes Assets in a Flash

I don’t give investment advice on this blog. And what I’m about to say is not particularized investment advice that I’m being compensated for, but I feel okay telling you this...more

Second Circuit Shifts Burden of Showing Assets to Defendants; Clarifies Monsanto Decision

Both civil and criminal agencies charged with enforcing U.S. laws have turned increasingly to broad based use of "asset freeze orders." Legal counsel and their clients should understand the issue, particularly as there is a...more

EU renews sanctions against Syria (except the arms embargo), and updates/implements measures against Belarus and Libya

I. Introduction - The EU has renewed its sanctions against Syria until 1 June 2014, with the exception of the arms embargo. For Belarus, the Council has decided to delist three parties from the asset freeze...more

EU lifts sanctions against Burma/Myanmar, eases measures against Syria and Libya, and tightens sanctions against North Korea

I. Introduction - The EU has updated its sanctions measures against Burma/Myanmar, Syria, North Korea and Libya. For Burma/Myanmar, the Council has decided to lift all economic sanctions, while keeping the...more

Second Circuit Bars Criminal Defendant from Accessing Assets Frozen by Regulators

The US Court of Appeals for the Second Circuit recently upheld a district court’s refusal to release nearly $4 million in assets frozen by the Securities and Exchange Commission and the Commodity Futures Trading Commission to...more

Corporate and Financial Weekly Digest - April 12, 2013

In this issue: - SEC and CFTC Adopt Joint Rules to Help Protect Investors from Identity Theft - CME Block Trade Advisories Clarify Nonpublic Information Restrictions - CFTC Staff Issues No-Action...more

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