Money laundering refers to concealing the origin of money that has been acquired by illegitimate means. Most countries in the world have set up certain standards that indicate when such transactions entail money laundering. On the other hand, several countries have criminalized any acts or proceeds of money laundering. The case of United States v Proceeds of Crime Transferred to certain Domestic Financial Accounts of 2007 involves a case of money laundering that occurred over a multiple of jurisdictions.
The defendants were accused of transferring through various accounts $ 400 million that was obtained through a tainted judicial process. The defendants had been awarded the money after they bribed a judge in an Italian court. The government of the United States sought forfeiture. The money was laundered through numerous jurisdictions. These include Singapore; the Cayman Islands, Jersey; Luxembourg; Costa Rica; the Cook Islands; Liechtenstein; Switzerland; British Virgin Islands; Guernsey and the United States.
Ms. Battistella had inherited the illegally-tainted money after the demise of her relatives. She used the help of several accounting officers, with extensive knowledge on the monetary systems of these nations, in an attempt to escape liability. The laundered money finally found its way to the state of Florida hidden in up to 19 financial accounts.
Through a lengthy court litigation, which also involved out of court settlements, the government was able to ensure forfeiture of about 17 accounts. However, due to the criminal nature of the offenses, criminal investigations were also initiated to find out the roles of American financial institutions like Citigroup; Lazard and Wachovia among others. A final judgment on the matter was declared on 21st November 2007 in favor of the American government. The order sought to arrest all accounts of the defendants involved in the criminal activity.
References
Zagaris, B. (2008, January 02). U.S. Court Approves Forfeiture of $110 Million from U.S. Financial Institutions for Italian Bribe Victims. Retrieved April 14, 2013, from www.acfcs.org: http://www.acfcs.org/u-s-court-approves-forfeiture-of-110-million-from-u-s-financial-institutions-for-italian-bribe-victims/
United States v Proceeds of Crime Transferred to Certain Domestic Finacial Accounts, CASE NO. 07-2 179 1- CIV-UNGARO/OYSU LLIVAN (UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF FLORIDA September 21, 2007).
Madinger, J. (2011). Money Laundering: A Guide for Criminal Investigators. New York: CRC Press.
